Sumary of Dow rises for a third day led by tech stocks as markets shrug off poor jobs data:
- The Dow Jones Industrial Average edged 58 points higher, the S&P 500 is 0.2% higher and the tech-heavy Nasdaq Composite is leading the markets with a 0.3% gain.
- Jobless claims unexpectedly rose to 419,000 last week, higher than the 350,000 economists polled by Dow Jones estimated and more than the upwardly revised 368,000 from the previous period, the Labor Department reported Thursday.
- “The disappointing number may cause an initial shock to the system, but many could view this as short-term volatility in the labor market until we see benefits start to expire.
- For the most part, the market has shaken off Monday’s sell-off in favor of strong earnings, so market watchers could see the forest from the trees in this scenario.
- Apple, Amazon and Microsoft, which are all scheduled to report earnings next week, are trading 1% higher.
- Still, a strong second-quarter earnings reporting season continues, with American Airlines posting a profit for the second-quarter, snapping a streak of five straight quarters with losses, thanks to the recovery in travel demand and government aid.
- Union Pacific, traded up more than 1% after reporting second-quarter net income of $1.8 billion or $2.72 per diluted share.
- CSX jumped more than 4% after the railroad’s second-quarter profit more than doubled.