Dow Jones closes up 1.23%
S&P 500 ends up 1.21%
Weekly jobless claims in line with expectations
Philadelphia Fed manufacturing stronger vs consensus
The US market saw strong gains in all three of its indices, to close up for the fifth consecutive session. The latest data released earlier in the day dayAll three indices held on firmly to their gains in mid-session after the latest data helped ease concerns over whether the economy may be overheating.
The Dow Jones Industrial Average was up 0.1.23% at 25,200.37 while the S&P 500 gained 1.21% at 2,731.20 and the Nasdaq was up 1.58% at at 7,256.43.
Dow rallies more than 300 points, notches 5-day winning streak https://t.co/mEaM3O5G2a pic.twitter.com/h237foBuCd
— CNBC (@CNBC) 15 February 2018
In Canada, the S&P TSX Composite rose 79.39 points to 15,407.66.
The Philadelphia Fed manufacturing index rose to 25.8 in February, up from the 22.2 registered in January, coming above economists' consensus of 21.
The Empire State Index on the other hand showed a reading of 13.1 in February, down from the 17.7 recorded in January,
Cisco Systems Inc closed up 4.73% .
MID-SESSION: The indices hold on to gains, bolstered by job claims and labour data
All three indices held on firmly to their gains in mid-session after the latest data helped ease concerns over whether the economy may be overheating.
At current levels, both the Dow Jones and the S&P are set to record their biggest weekly percentage rise since November 2016 while the NASDAQ is seeing its best week since Octoner 2014.
The Dow Jones Industrial Average was up 0.94% while the S&P 500 gained 0.96% at 2,724.47 and the Nasdaq was up 1.38% at at 7,242.15.
"Volatility could remain a staple of the markets in 2018, but there is no need to panic," said Joe Quinlan, from Bank of America Global Wealth and Investment Management.
Cisco Systems continued to rise, up 4.80% after recording its first revenue growth in a year and a half.
Apple Inc was up 3% on news that Warren Buffett's Berkshire Hathaway Inc had hiked its stake in the iPhone maker end December.
And travel website, Tripadvisor Inc gained 5.01% after better-than-expected results.
Avon Products Inc surged 12% despite its quarterly revenue missing expectations but earnings beat consensus.
OPEN: Set to hit 5th straight day in positive territory
The market opened higher, with the Dow Jones breaking through the 25,000 mark and looks set to hit its fifth straight day in positive territory.
In the early hours of trading, the Dow Jones Industrial Average was up 0.64% at 25,022.20 while the S&P 500 gained 0.49% at 2,706.68 and the Nasdaq was up 0.78% at at 7,183.58.
The US weekly jobless claim rose by 7,000 to 230,000, in line with market expectations but it is near multi-decade lows.
As expected, Cisco Systems Inc (NASDAQ:CSCO) was up 3.77% at US$43.68 while Tripadvisor Inc gained 6.84% at US$43.53.
PRE-OPEN: Futures pointing to a positive start
It looks like stocks are heading for a positive start on Thursday, chalking its fifth day in a row in the balck, with the futures pointing upwards.
Dow Jones Industrial Average futures was headed up 0.74% at 24,043 while the S&P 500 futures was also up 0.44% at 2,708.25.
“Whilst the market is showing signs of carving out a bottom ... it is unlikely that this is the last we have seen of the volatility,” said Jasper Lawler, from London Capital Group.
US weekly jobless claims rebound from near 45-year lows https://t.co/Yv6ye4xlhE
— CNBC (@CNBC) 15 February 2018
The first batch of data, the weekly jobless claims, rebounded from a near 45-year low, and matched market expectations for 230,000 claims.
In adidtion, producer prices, the Empire State Manufacturing Survey and the Philadelphia Federal Reserve's business-outlook survey are all awaited.
Stocks are likely to see interest include Cisco Systems Inc (NASDAQ:CSCO) which jumped 7.8% premarket, extending after-hours gains after the tech giant released market beating second quarter earnings and revenues. The company had recorded revenue growth for the first time in a year and a half.
Tripadvisor Inc (NASDAQ:TRIP), shares which have taken a battering over the past year amid an advertising war with rivals Expedia Inc (NASDAQ:EXPE) and Priceline Group Inc (NASDAQ:PCLN), rose 17.2% to US$47.66 before the opening bell on Thursday.
The company released its fourth-quarter results, which provided investors with a bullish outlook for 2018.
“We believe our addressable market opportunity, our unique competitive position and our growth strategy position us to return to double-digit revenue growth and adjusted EBITDA margins in excess of what we have operated to over the past couple of years,” said its executives.
The travel website recorded a loss of US$84mln or 60 US cents a share, blaming the loss mainly to the US$73mln charge related to the new US tax laws.
Excluding the charge, it recorded earnings of 6 US cents a share, still down from the 16 US cents posted a year ago.
The main focus was on its guidance of a flat adjusted EBITDA, against a market consensus for it to drop.
Teva Pharmaceutical Industries Ltd (NYSE:TEVA) jumped 8% after hours after Berkshire Hathaway reported a US$358mln stake in the pharma company. The company saw its shares dip earlier in the week on news that Novartis AG's Sandoz had launched its 40 mg dose of Glatopa, its generic for Teva's multiple sclerosis medication Copaxone.
Hotel chain Marriott International Inc saw its shares fall 3% in premarket, extending losses after hours despite its better-than-expected fourth quarter results.
The company said it earned US$201mln or 54 US cents a share in the quarter, which was lower than the US$244mln or 62 US cents earned a year ago.
Taking out one-time items, the company earned US$415mln or US$1.12 a share, against the US$334mln recorded a year ago, and beating market expectations for US$1.01 a share.
Revenues of US$5.9bn also beat market expectations for US$5.7bn.
NetApp Inc (NASDAQ:NTAP) also extended losses from after-hours, down 10.78% after the data management company said its third quarter slipped into the red from a profit a year ago. The company blamed the one-time charge of US$856mln from the US tax reform.
Cisco Systems Inc (NASDAQ:CSCO) was up nearly 7% after its second quarter earnings and revenues beat market consensus and guidance offered by company was also better-than-expected. The company had recorded revenue growth for the first time in a year and a half.