Stocks finished higher Thursday. The major averages rebounded from a two-day decline as investors digested economic updates and continued to await further trade and monetary policy developments. The Dow climbed 101 points, while the S&P 500 gained 0.4%. The Nasdaq Composite was up 0.6%.
10 of 11 S&P 500 sectors closed in positive territory, with Health Care the sole decliner. Energy shares paced gains, as WTI crude spiked 2.2% to $52.22/barrel amid reports of an attack on oil tankers in the Middle East. The Communication Services sector also outperformed, closing more than 1% higher. Disney drove gains in the group, jumping 4.4% to $141.74 on positive analyst commentary surrounding the media giant’s upcoming video subscription service launch. In earnings, Lululemon rose 2.1% to $174.52 after the yoga-wear maker exceeded comparable-store sales expectations and raised its full-year forecast. Restoration Hardware surged 15.8% to $109.91 after topping Wall Street sales estimates and providing optimistic forward guidance.
Breadth was positive on issues by 3:1 on the NYSE and roughly 2:1 on the Nasdaq. Composite NYSE volume was more than 3 billion shares.=
On the data front Thursday, initial jobless claims came in at 222,000 in the most recent week, the highest reading in more than a month. A separate release revealed import prices dipped 0.3%, while export prices edged down 0.2% in May. Treasuries strengthened with the yield on the 10-year note down two basis points to 2.10%. Other perceived safe haven assets rallied, with COMEX gold gaining 0.6% to $1,339.80/ounce.