Stocks finished firmly higher Thursday. The Dow added 251 points to 26656 while the S&P 500 climbed 22 points to 2930. The Nasdaq Composite gained 78 points to 8028.
The Dow and S&P 500 closed at record levels as a rebound in Technology shares helped propel the major averages higher. On the data front, initial jobless claims came in at 201,000 for the most recent week, remaining near the lowest point in 50 years. An update from the Conference Board showed the U.S. leading index climbed 0.4% in the month of August, slightly below projections of a 0.5% gain. In a separate release, existing home sales remained flat in August.
Ten of 11 S&P 500 sectors finished in positive territory. Technology shares were up the most as Intel climbed 2.3% to $47.20 while Microsoft added 1.8% to $113.67. Materials, Healthcare, and Financials also outperformed on the session. Consumer Staples provided a tailwind to the market as Proctor & Gamble gained 1.6% to $85.36 and Coca-Cola rose 1.5% to $46.64. The Energy sector was the lone decliner on the day in sympathy with lower oil prices.
Breadth was positive on issues by roughly 3:1 on the NYSE and 5:2 on the Nasdaq. Composite NYSE volume was more than 4.5 billion shares.
Treasuries were little changed, with the yield on the 10-year note unchanged at 3.07%. In commodities, WTI crude fell 0.3% to $70.80/barrel after President Trump advised OPEC to increase production to help stabilize prices. COMEX gold added 0.3% to $1207.20/ounce amid a weaker dollar.