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Close Update: Nasdaq Leads Market Higher Thursday as Positive Earnings Help Spark Rally

4:31PM ET 5/16/2019 MT Newswires
Stocks advanced Thursday as positive earnings reports helped boost the market as the US and China trade drama mostly faded from view for a day.

Major market indexes climbed after strong results from Cisco Systems (CSCO) and Walmart (WMT) cheered investors. The Dow Jones Industrial Average gained 0.8% while the S&P 500 climbed 0.9% and the Nasdaq Composite Index rose 1%.

Cisco rallied almost 7% and helped lift the technology sector after posting better-than-expected results after the close Wednesday. Shares of technology companies in the S&P 500 gained 1% as a group. Cisco's advance also helped lift the Dow and S&P 500.

Walmart posted earnings that beat expectations, helping lift the consumer sector. Shares of consumer staples companies in the S&P 500 advanced 0.8% while the consumer discretionary sector climbed 1%. Walmart gained 1.4%.

Shares of basic materials companies gained the most in the S&P 500, climbing 1.3% while financials advanced 1.1%.

In economic news, housing starts in April were higher than expected at an annual rate of 1.235 million, compared with the consensus of 1.2 million, according to Econoday. Permits totaled 1.296 million, slightly above consensus, according to Econoday. Weekly jobless claims totaled 212,000, compared with a consensus estimate of 219,000, according to Econoday.


Dow Jones Industrial Average was up 214.66 points (+0.84%) to 25,862.68

S&P 500 was up 25.36 points (+0.89%) to 2,876.32

Nasdaq Composite Index was up 75.90 points (+0.97%) to 7,898.05


FTSE 100 was up 56.56 points (+0.78%) to 7,353.51

DAX was up 210.80 points (+1.74%) to 12,310.37

CAC 40 was up 73.85 points (+1.37%) to 5,448.11

Nikkei 225 was down 125.58 points (-0.59%) to 21,062.98

Hang Seng Index was up 6.36 (+0.02) to 28,275.07

Shanghai China Composite Index was up 17.03 points (+0.58%) to 2,955.71


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