Economic and corporate news — not political news — drove the markets on Thursday, as the Bureau of Economic Analysis revised its April-June gross domestic product annual rate to 2.5% vs 1.7%, suggesting the economy is expanding faster than originally forecast.
The unemployment picture brightened at bit too, as jobless claims fell to 331,000 last week, the fewest weekly claims in 5 years.
The combination helped lead the markets higher, as the Nasdaq had raced ahead 0.75% to close at 3620.30, while the S&P 500 gained 0.20% to 1638.17, and the Dow Jones Industrial Average ended up 0.11% at 14840.95
Vodafone (VOD) shares soared more than 8% on news that it would sell its 45% stake in Verizon Wireless back to Verizon (VZ). VZ shares moved ahead more than 2% on the news, making it the leading gainer on the Dow.
Clothing retailer Guess (GES) soared nearly 13% after announcing a beat on second quarter earnings and raising its full-year guidance. Sector mates American Apparel (APP, +2.67%) and Urban Outfitters (URBN, +1.29%) rose on the news.
- Zale (ZLC): Up 7.48% (87 cents) to $12.50
- Zillow (Z): Up 7.42% ($6.60) to $95.60
- 3D Systems (DDD): up 4.92% ($2.48) to $52.91
- JaSolar (JASO): Down 6.91% (55 cents) to $7.41
- Arena Pharmaceutical (ARNA): Down 5.08% (34 cents) to $6.35
- Cliffs Natural (CLF): Down 3.10% (67 cents) to $20.97
Marc Bastow is an Assistant Editor at InvestorPlace.com. As of this writing he was long VZ, MSFT, and XOM.