Nasdaq closes in record territory as earnings expectations heat up
Published Apr 27, 2017 04:13PM ET
The dow and S&P 500 are on track to post biggest weekly gain
Investing.com – U.S. stocks closed higher on Thursday, as investors piled into equities, after better than expected earnings but gains were capped by the release of mostly downbeat economic data.
Wall Street turned positive in late-afternoon trade, after bullish pending Home Sales data lifted sentiment but weaker than expected Initial Jobless Claims and Durable data weighed on upside momentum.
The National Association of Realtors said on Thursday, its Pending Home Sales Index, declined 0.8 percent to 111.4.
Initial claims for state unemployment benefits increased 14,000 to a seasonally adjusted 257,000 for the week ended April 22, the Labor Department said on Thursday.
Meanwhile, new orders for U.S. durable goods rose 0.7 percent in March, which was far less than the 2.3 percent rise in February and well below expectations for a 1.2 percent increase.
The Nasdaq closed at record highs, as investors piled into tech stocks ahead of earnings from Alphabet, Intel, Amazon, Baidu, GoPro, and Microsoft.
In corporate earnings news, Under Armour Inc A (NYSE:UAA)posted its first ever earnings loss on Thursday but shares of Under Armour close more than 10% higher, as the retailer’s first quarter results were not as weak as analysts had feared.
Meanwhile, tech giants Alphabet, Intel, Amazon, and Microsoft posted better than expected earnings.
The Dow Jones Industrial Average 0.03% higher at 20,981. The S&P 500 gained 0.03% and the Nasdaq Composite rose 0.39% to close at 6048.94.
The ‘Bulls and Bears’ on Wall Street
The top Dow gainers included; Under Armour Inc A (NYSE:UAA) up 9.9%, and Under Armour Inc C (NYSE:UA) up 9.3%, while Intuit Inc (NASDAQ:INTU) added 8.5%.
Teradata Corporation (NYSE:TDC) down 8.2%, F5 Networks Inc (NASDAQ:FFIV) down 7.5% and EQT Corporation (NYSE:EQT) down 7.1%, were among the worst Dow performers of the session.
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Written By: Investing.com
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