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US Indexes Continue Gains, Closing Higher Thursday

The Dow Jones Industrial Average closed at 26,378.53 on Thursday with a gain of 371.46 points or 1.43%. The S&P 500 closed at 2,938.11 for a gain of 54.13 points or 1.88%. The Nasdaq Composite closed at 8,039.16 for a gain of 176.33 points or 2.24%. The VIX Volatility Index was lower at 16.89 for a loss of 2.60 points or -13.34%.

Thursday's market movers

U.S. indexes gained for a third consecutive day on Thursday. Investors reacted to falling government yields across the globe and returned to optimism on the positive earnings results from the second quarter for U.S. companies. On the earnings calendar, Uber and Lyft made headlines. Lyft (NASDAQ:LYFT) gained 2.87% Thursday after reporting results Wednesday evening that showed a revenue beat and non-GAAP earnings per sharebeat of 32 cents. Uber (NYSE:UBER) reported earnings after the closing bell Thursday with revenue that missed estimates and earnings that missed estimates by $1.53 per share.

In China, investors continued to watch the yuan, which the government fixed at a midpoint daily rate of 7.0039 per dollar on Thursday. For the day, the U.S. Dollar Index was up 0.09% to 97.63. The U.S. dollar-Chinese yuan exchange rate ended the day at 7.0452.

Economic reports affecting market trading included the following:

  • Jobless claims decreased to 209,000 from 217,000.
  • Wholesale inventories were unchanged in June following an increase of 0.4%.
  • The Treasury held auctions for four-week bills at a rate of 2.065%, eight-week bills at a rate of 2.050% and 30-year bonds at a rate of 2.335%.
  • Mortgage rates were lower according to Freddie Mac's weekly mortgage market survey. The 30-year fixed-rate mortgage averaged 3.60%, decreasing from the previous week's 3.75%. The 15-year fixed-rate mortgage averaged 3.05%, decreasing from 3.20%.

In the S&P 500, the technology, energy and consumer discretionary sectors led gains. In the Dow Jones Industrial Average, the following stocks led gains:

  • Dow (NYSE:DOW) 3.97%
  • Chevron (NYSE:CVX) 3.07%
  • Microsoft (NASDAQ:MSFT) 2.65%
  • Visa (NYSE:V) 2.55%
  • Disney (NYSE:DIS) 2.16%

Small-cap stocks

In small caps, the Russell 2000 closed at 1,532.29 for a gain of 31.60 points or 2.11%. The S&P 600 closed at 942.35 for a gain of 19.67 points or 2.13%. The Dow Jones U.S. Small-Cap Growth Index closed at 9,930.12 for a gain of 217.22 points or 2.24%. The Dow Jones U.S. Small-Cap Value Index closed at 9,312.97 for a gain of 181.50 points or 1.99%.

Other notable indexes

Other notable index closes included the S&P 400 Mid-Cap Index at 1,925.44 for a gain of 38.13 points or 2.02%; the S&P 100 at 1,296.70 for a gain of 23.70 points or 1.86%; the Nasdaq 100 at 7,724.83 for a gain of 172.93 points or 2.29%; the Russell 3000 at 1,727.71 for a gain of 32.61 points or 1.92%; the Russell 1000 at 1,628.39 for a gain of 30.54 points or 1.91%; the Wilshire 5000 at 30,121.19 for a gain of 571.09 points or 1.93%; and the Dow Jones U.S. Select Dividend Index at 702.38 for a gain of 9.96 points or 1.44%.

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This article first appeared on GuruFocus.