Investors hit the trifecta on Thursday, with strong earnings, tame inflation and falling oil prices sending stocks higher.
Appleand AMDled the way higher after the two tech sector leaders reported better than expected results after the close on Wednesday. Apple rose 6% on the day, and AMD gained 3%.
The broader market rose on a steep drop in oil prices and news that consumer inflation was tame in June while retail sales were strong. Wholesale inflation will be reported Friday morning, along with earnings from GE.
The Nasdaq rose 8 to 2152, the S&P added 3 to 1226 — a new four-year closing high — and the Dow gained 71 to 10,628. Volume rose to 2.05 billion shares on the NYSE, and 1.84 billion on the Nasdaq. Decliners led 17-14 on the NYSE, and 16-13 on the Nasdaq. Upside volume was 54% on the NYSE, and 65% on the Nasdaq. New highs-new lows were 275-21 on the NYSE, and 155-19 on the Nasdaq.
After the close, Pricelinewarned that revenues will come in below estimates while earnings will meet or exceed forecasts, and Rambusmissed estimates and said the second half of the year could be challenging as the company negotiates license agreements and renewals.
During the day, Salesforce.comsurged nearly 10% on upgrades.
JDS Uniphaseclimbed 5% after raising guidance.
Avidplunged 26% on a warning, and Network Equipmentfell 14% on its results.