Stocks finished broadly higher Thursday. The Dow climbed 166 points to 26,384 while the S&P 500 added 5 points to 2,879. The Nasdaq Composite slipped 3 points to 7,891.
The S&P 500 extended its winning streak to a sixth consecutive session as investors assessed the latest trade updates. In geopolitical news, a report indicated the U.S. and China are moving closer to a formal trade agreement. Later this evening, President Trump will continue discussions with top Chinese officials in Washington. On the data front, initial jobless claims came in at 202,000 in the most recent week, the lowest level in nearly 50 years. Investor focus will now shift to the all-important March nonfarm payrolls report due tomorrow morning.
Seven of 11 S&P 500 sectors finished in positive territory as Consumer Discretionary shares paced the gains. Energy and Materials stocks also outperformed as Exxon Mobil climbed 1.4% to $82.05 and Dow advanced 5.0% to $59.71.
Technology shares underperformed as Adobe lost 1.3% to $267.89 and Micron declined 2.3% to $42.89. In corporate news, shares of Constellation Brands jumped 6.5% to $191.45 after the alcoholic beverage distributor topped analyst earnings estimates. Elsewhere, shares of Facebook added 1.4% to $176.02 following an analyst upgrade.
Breadth was positive on issues by 9:5 on the NYSE and by 9:7 the Nasdaq. Composite NYSE Volume totaled more than 3.0 billion shares.
Treasuries were little changed, with the yield on the 10-year note down one basis point to 2.51%. In commodities, NYMEX WTI crude declined 0.5% to $62.15/barrel. COMEX gold added 0.2% to $1,292.60.