Jobless Claims Down, Stocks Back on Track — Thursday’s IP Market Recap

by Marc Bastow | May 2, 2013 4:46 pm

InvestorPlace Market Recap[1]Investors got right back into the game on Thursday as U.S. jobless claims fell to their lowest level since January 2008 and the European Central Bank cut interest rates for the first time in 10 months. Market enthusiasm was fueled even further after some good news on the earnings front.

By day’s end, the S&P 500 put up a 0.94% gain to close at a record 1597.59, the Nasdaq posted the day’s best performance with a 1.26% gain to 3340.62, and the Dow Jones Industrial Average rose 0.89% to finish at 14831.58.

The Detroit Three recorded their best April for U.S. auto sales since 2007[2], and General Motors’ (NYSE:GM[3]) earnings report suggested a better performance in Europe. GM shares improved by more than 3%, and Ford (NYSE:F[4]) — which announced it would hire 2,000 workers to meet growing truck demand[5] — moved ahead marginally.

Yelp (NYSE:YELP[6]) charged ahead 25% after reporting a first-quarter revenue surge[7] and smaller losses than anticipated, as well as providing solid forward guidance.

Meanwhile, Facebook (NASDAQ:FB[8]) traded up more than 5% after Wednesday’s earnings report[9] showed revenue growth and more monthly active mobile users, though its profits missed the mark.

Earnings notables for Friday include Berkshire Hathaway (NYSE:BRK.A[10], BRK.B[11]), Moody’s (NYSE:MCO[12]) and Orbitz Worldwide (NYSE:OWW[13]).

Three Up

Three Down

Marc Bastow is an Assistant Editor at As of this writing, he did not hold a position in any of the aforementioned securities.

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