US close: Markets rise amid positive news from Eurozone

US stocks rose on Thursday, after earnings from General Motors and Caterpillar exceeded analysts’ expectations and Eurozone manufacturing registered a surprising gain.

The Dow Jones Industrial Average closed 213.79 points up to 16,675.11, while the S&P 500 rose 23.55 points to 1,950.66 and the Nasdaq closed 69.94 points up to 4,452.79.

Data showed that the Eurozone purchasing managers index reached a two-month high of 50.7, exceeding expectations of a reading of 50. Some analysts saw the unexpected improvement as a sign that Europe may avoid plunging deeper into its current economic slump.

Over $2.1trn in US equity values have been erased since 6 September, amid fears that a slowdown in global growth led by the Eurozone’s shaky economy would hurt the US, just as the Federal Reserve winds down stimulus.

According to figures released by the Labor Department on Thursday, the number of Americans filing new claims for unemployment benefits rose 17,000 to a seasonally adjusted 283,000 for the week ended 18 October.

The increase, which was in line with economists’ forecasts, was the first time the number of claims rose after three weeks of decline.

The four-week moving average, which is considered a more reliable indicator of the labour market trends as it is not affected by week-to-week volatility, fell 18,260 to 281,000, its lowest level since May 2000.

The jobless claims report showed the number of people still receiving benefits after an initial week of aid fell 38,000 to 2.35m in the week ended 11 October.

In corporate news, Caterpillar shares advanced 4.97% after the construction equipment maker lifted its full year earnings forecast, while General Motors dropped 1.21% after gaining just under 2% early on as group chief executive Mary Barra told investors the firm is striving to boost performance.

3M rose 4.39% after reporting better than expected third quarter earnings per share, though total sales were $8.1bn, slightly short of Wall Street’s estimate of $8.2bn.

Tractor Supply surged 15.82% after its quarterly results, which were released late on Wednesday, beat estimates, while Southwest Airlines dropped 2.78% despite reporting third-quarter adjusted earnings of 55 cents a share, more than Wall Street’s estimate of 53 cents a share.

Yelp shares plummeted 18.60% after the online review site issued a bleak outlook late on Wednesday night, despite posting better than expected results.

The dollar edged forward against the yen and the pound, but slid back slightly against the yen.

The yield on the 10-year Treasury note rose six basis points to 2.27%, while the yield on the 30-year Treasury note edged forward five basis points to 3.04 and the yield on the five-year note gained seven basis points to 1.49.

Gold futures slid to $1,231.60, while West Texas intermediate crude rebounded strongly after losing over two points on Wednesday and was closed at just over $82 a barrel.

S&P 500 - Risers
Tractor Supply Company (TSCO) $71.00 +15.82%
Carmax Inc. (KMX) $52.73 +9.10%
Alexion Pharmaceuticals Inc. (ALXN) $185.92 +7.30%
Parker-Hannifin Corp. (PH) $116.39 +6.64%
O'Reilly Automotive Inc. (ORLY) $167.44 +6.41%
Diamond Offshore Drilling Inc. (DO) $39.60 +5.97%
Celgene Corp. (CELG) $100.40 +5.95%
EQT Corp. (EQT) $87.65 +5.74%
Lam Research Corp. (LRCX) $75.64 +5.25%
Union Pacific Corp. (UNP) $112.23 +5.03%

S&P 500 - Fallers
Citrix Systems Inc. (CTXS) $61.84 -4.54%
Torchmark Corp. (TMK) $50.57 -3.88%
Southwest Airlines Co. (LUV) $33.25 -2.78%
Newmont Mining Corp. (NEM) $22.00 -2.61%
Under Armour Inc. Class A (UA) $64.34 -2.59%
AT&T Inc. (T) $33.66 -2.43%
Airgas Inc. (ARG) $109.06 -2.05%
Varian Medical Systems Inc. (VAR) $79.69 -1.61%
International Flavors & Fragrances Inc. (IFF) $96.19 -1.56%
Equifax Inc. (EFX) $72.78 -1.46%

Dow Jones I.A - Risers
Caterpillar Inc. (CAT) $99.27 +4.97%
3M Co. (MMM) $145.05 +4.39%
Merck & Co. Inc. (MRK) $56.63 +2.02%
United Technologies Corp. (UTX) $103.18 +1.98%
American Express Co. (AXP) $85.61 +1.97%
Chevron Corp. (CVX) $116.19 +1.92%
Goldman Sachs Group Inc. (GS) $180.06 +1.83%
Visa Inc. (V) $214.28 +1.59%
Home Depot Inc. (HD) $94.80 +1.56%
Johnson & Johnson (JNJ) $102.63 +1.39%

Dow Jones I.A - Fallers
AT&T Inc. (T) $33.66 -2.43%
Procter & Gamble Co. (PG) $83.23 -1.19%
Verizon Communications Inc. (VZ) $48.22 -0.19%
E.I. du Pont de Nemours and Co. (DD) $68.59 -0.09%

Nasdaq 100 - Risers
Tractor Supply Company (TSCO) $71.00 +15.82%
Alexion Pharmaceuticals Inc. (ALXN) $185.92 +7.30%
O'Reilly Automotive Inc. (ORLY) $167.44 +6.41%
Celgene Corp. (CELG) $100.40 +5.95%
Check Point Software Technologies Ltd. (CHKP) $71.00 +5.37%
Seagate Technology Plc (STX) $56.51 +4.13%
Comcast Corp. (CMCSA) $53.22 +3.36%
Charter Communications Inc. (CHTR) $156.02 +3.23%
Discovery Communications Inc. Class A (DISCA) $35.97 +3.10%
Liberty Global plc Series A (LBTYA) $43.89 +2.62%

Nasdaq 100 - Fallers
Citrix Systems Inc. (CTXS) $61.84 -4.54%
Equinix Inc. (EQIX) $197.73 -1.36%
Baidu Inc. (BIDU) $217.03 -1.02%
DIRECTV (DTV) $84.43 -0.83%
Keurig Green Mountain Inc (GMCR) $144.00 -0.77%
Monster Beverage Corp (MNST) $97.63 -0.57%
Sigma-Aldrich Corp. (SIAL) $135.35 -0.37%
Kraft Foods Group, Inc. (KRFT) $56.54 -0.04%