The stock market rose on Thursday despite weaker-than-expected economic news and a mixed batch of earnings results. Specifically, gross domestic product grew at a 6.5% annual rate for the second quarter versus expectations for 8.5% growth.
Additionally, jobless claims fell 24,000 to 400,000 versus forecasts for a print of 380,000. Despite the misses, the broader market and blue-chips broke out to fresh record highs with the small-caps showing the most strength for the second-straight session.
The Russell 2000 tested a high of 2,256 before finishing at 2,240 (+0.7%). Prior and lower resistance at 2,250-2,275 was breached but held. A close above the latter and the 50-day moving average would be an ongoing bullish development with additional upside towards 2,300-2,325.
The Dow settled at 35,084 (+0.4%) after tapping a midday and all-time high of 35,171. Key resistance at 35,150 was tripped but held. Continued closes above this level would indicate additional strength towards 35,250-35,500.
The S&P 500 tagged a record high of 4,429 while ending at 4,419 (+0.4%). Unchartered territory and lower resistance at 4,425-4,450 was challenged but held. A pop above the latter would suggest additional upside towards 4,450-4,475.
The Nasdaq made a run to 14,833 before closing at 14,778 (+0.1%). Key resistance at 14,850 was challenged but held. A close above the latter and Monday’s all-time high at 14,863 keeps upside towards 15,000-15,150 in play.
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Cirrus Logic (CRUS) upgraded to Buy from Hold at Craig-HallumSpotify (SPOT) upgraded to Neutral from Sell at UBSTeradyne (TER) upgraded to Positive from Neutral at SusquehannaCyrusOne (CONE) downgraded to Hold from Buy at TruistMoody’s (MCO) downgraded to Neutral from Buy at UBSSantander Consumer (SC) downgraded to Hold from Buy at Deutsche Bank
FRIDAY’S EARNINGS ANNOUNCEMENTS Before the open: AbbVie (ABBV), Bloomin’ Brands (BLMN), Cabot Oil & Gas (COG), Caterpillar (CAT), Dana Holding (DAN), Exxon Mobil (XOM), Huntsman (HUN), Illinois Tool Works (ITW), Johnson Controls (JCI), LyondellBasell Industries (LYB), MoneyGram International (MGI), Newell Brands (NWL), Procter & Gamble (PG), Telus (TU), Weyerhaeuser (WY)
After the close: Marin Software (MRIN)
FRIDAY’S ECONOMIC NEWSProductivity and Costs – 8:30amChicago PMI – 9:45amConsumer Sentiment – 10:00amBaker-Hughes Rig Count – 1:00pm
METALS/ OILGold closed at $1,835.80 an ounce, up $36.10Silver settled at $25.78 an ounce, up $0.90Copper finished at $4.52 a pound, up $0.04Crude Oil was at $73.35 a barrel, up $0.89Bitcoin Investment Trust (GBTC) ended at $34.15 down $1.03
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