The five biggest gainers on the Dow Jones Industrial Average Thursday were highly economically sensitive. Risk sentiment was essentially soaring on the day.
All of the following market data is as of 2:30 PM EDT Thursday.
Initial jobless claims for the past week came in almost 100,000 lighter than expected. Revenue and earnings beats from Tesla TSLA and Coca-Cola KO are positives points to latch onto for those who see the U.S. corporate earnings recovery continuing its momentum. The yield curve expanded substantially, with the 10-Year Treasury yield rising to 0.84%. It was at 0.71% about a week ago.
Non-tech stocks were largely in the green, while the tech-heavy Nasdaq lagged, up just a few tenths of a percentage point.
Here were the five biggest Dow gainers:
For JPMorgan’s part, banks were up a few percentage points. The aggressive expansion in the yield curve is a major positive for bank profitability. Funds of U.S. bank stocks — large and regional — are up more than 4% since October 14 while the S&P 500 is down.
For Chevron, oil is highly cyclical and crude oil prices rose 1.5%.
Boeing and Honeywell are among the U.S.’ premier industrials involved in large projects across different sub-business and large cap industrials were up about 1%, but importantly, Southwest Airlines LUV rose more than 5% after beating revenue estimates and saying it is seeing modest traffic improvements. That’s a positive indicator for aircraft demand.
American Express is correlated with the strength of the consumer.
Latest Videos From TheStreet and Jim Cramer:
- Jim Cramer Says Earnings Pinpoint Stocks to Buy With or Without Stimulus
- PPE and Your Portfolio: Inside a Disruptive Industry
- PPE in the Ring: How O2 Industries Partnered With UFC
- PPE and the Supply Chain: How O2 Industries Adapted During Pandemic
- Coronavirus: The Latest Numbers on the COVID-19 Pandemic
- How Much Do World Series Tickets Cost in 2020?
- How to Protect Your Portfolio for Any Election Outcome