A trader works on the floor of the New York Stock Exchange.
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Dow Jones Industrial Average rises 267 points
The Dow gained 267.42 points, or 0.92%, to close at 29,297.64. The S&P 500 rose 0.84% to 3,316.81. The Nasdaq Composite advanced 1.06% to 9,357.13. Solid economic data coupled with strong quarterly earnings and a tailwind from the U.S.-China trade deal signing lifted stocks to record highs.
Data and earnings drive Wall Street to records
Weekly jobless fell by 10,000 to 204,000, well below a Reuters estimate of 216,000. Data from the Philadelphia Federal Reserve also showed a jump in business activity for the month. Morgan Stanley’s quarterly earnings also helped improve sentiment around the season and added to a solid start to the reporting period. To be sure, with stocks trading at all-time highs, corporate earnings will have to be good enough to justify the market’s high valuation.
Morgan Stanley jumps on earnings
What happens next?
Kansas City Southern and J.B. Hunt will report earnings before the opening bell on Friday. Preliminary consumer sentiment figures will also be released Friday. Read more here.
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