The Dow Jones Industrial Average rose 271 points, or 0.78%, while the S&P 500 index and the Nasdaq Composite index advanced 0.6% and 0.78%, respectively. Both the S&P 500 and the Nasdaq closed at all-time highs as the Dow finished 80 points below its own record peak.
|I:DJI||DOW JONES AVERAGES||35064.25||+271.58||+0.78%|
|I:COMP||NASDAQ COMPOSITE INDEX||14895.117079||+114.58||+0.78%|
The Labor Department said Thursday that initial jobless claims fell to 385,000 in the week ending July 31, in line with analyst expectations. Continuing claims, meanwhile, declined to a pandemic-era low of 2.93 million filings. The improving labor market will remain in focus on Friday when the July jobs report is scheduled to be released.
Employers are expected to have added 870,000 new nonfarm jobs which would be up modestly from a stronger-than-expected increase of 850,000 in June.
In stocks, automakers gained as President Biden touted his plan to make half of all U.S. passenger vehicles sold by 2030 to be electric.
|GM||GENERAL MOTORS CO.||54.44||+1.72||+3.26%|
|F||FORD MOTOR CO.||13.71||+0.39||+2.93%|
Meanwhile, Robinhood Markets Inc. fell over 27% after stating in a filing that existing stockholders will sell up to 97.9 million shares over time. Shares of the trading app platform had surged 87% over the prior two sessions.
|HOOD||ROBINHOOD MARKETS, INC.||50.97||-19.42||-27.59%|
In earnings, Uber Inc.’s quarterly loss widened as the ride-hailing giant boosted incentives to lure drivers back to work. The company said quarterly gross bookings hit an all-time high and food delivery orders also increased.
|UBER||UBER TECHNOLOGIES, INC.||43.07||+1.26||+3.01%|
Moderna Inc. reported earnings and revenue that exceeded Wall Street estimates and said its COVID-19 vaccine was 93% effective through the six months following the administration of a second dose. CEO Stéphane Bancel told FOX Business a booster shot for his vaccine could be available as soon as September.
MODERNA CEO GIVES TIMETABLE FOR BOOSTER VACCINE SHOT
Electronic Arts Inc. said product launches and its live services fueled its stronger-than-expected quarterly results. The video game maker raised its full-year outlook and said its new Battlefield 2042 game would be released before the holidays.
|EA||ELECTRONIC ARTS, INC.||136.87||-3.04||-2.17%|
In commodities, West Texas Intermediate crude oil ticked up 94 cents to $69.09 a barrel and gold lost $5.40 cents to $1,805.10 an ounce.
Overseas markets were mixed.
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Britain’s FTSE 100 fell 0.05% after the Bank of England kept policy unchanged and warned the U.K.’s economy would face above-target inflation in the near term. Elsewhere in Europe, Germany’s DAX 30 was higher by 0.33% and France’s CAC 40 jumped 0.52%.
In Asia, Japan’s Nikkei 225 climbed 0.52% while Hong Kong’s Hang Seng index and China’s Shanghai Composite declined 0.31% and 0.84%, respectively.