Despite weaker-than-expected weekly jobless claims and April Philly Fed data, the Dow continued its rally to the highest since June 2008, as strong corporate earnings boosted confidence in the U.S. economy.
U.S. stocks rose as stronger-than-estimated earnings bolstered optimism about the economy. The Dow Jones Industrial Average rose 52.45 points, or 0.4% (+1.3% wow) to 12,505.99, as corporate earnings by Travelers, Apple, Morgan Stanley and Qualcomm topped estimates. The S&P 500 gained 0.5% to 1,337.38.
New applications for unemployment benefits in the U.S. fell less than forecast last week, indicating the labor market will take time to improve. Jobless claims decreased by 13,000 to 403,000 in the week ended April 16. The number of people on unemployment benefit rolls and those receiving extended payments declined.
Daily Dow Jones Is Upside Bias As Technicals On The Mend And 5-Days SMA Cut Above The 10-Days SMA.
Weekly Dow Jones Medium Term Is Upside Towards 13500 Points