The U.S. stocks rose on Thursday amid positive earnings and manufacturing data, despite a jump in jobless claims and unrest in the Mideast.
The Dow Jones industrial average jumped to a new 2.5-year high, gaining 29.97 points, or 0.24 percent, to 12,318.14. The Standard & Poor's 500 Index was up 4.10 points, or 0.31 percent, to 1,340.4, twice its financial-crisis low. The Nasdaq gained 6.02 points, or 0.21 percent, to 2,831.58.
The Federal Reserve Bank of Philadelphia's index of general business activity rose to 35.9 in February, hitting its highest level since January 2004. Investors believed that the strong reading was a positive signal of the economy's momentum.
A strong round of earnings appeared on Thursday. Dr Pepper Snapple Group Inc. reported quarterly profit that beat estimates and gave an upbeat forecast, while its competitor Coca Cola Co also announced an increase in its dividend.
The technology sector showed strength, after Nvidia Corp posted better-than-expected results late Wednesday for its fiscal fourth quarter ended Jan. 30, and provided a surprisingly strong guidance for the first quarter.
The market continued to overlook the uneasy situation in the Mideast, but U.S. crude futures jumped as civilian unrest in some oil-producing regions kept focus on supply, boosting shares of energy companies.
The U.S. Labor Department said on Thursday that 410,000 people sought unemployment assistance last week, a jump of 25,000 from the previous week. The rise was much bigger than market expectations.
Also according to the Labor Department, the Consumer Price Index rose 0.4 percent last month, matching December's increase. In the past year, the index has risen 1.6 percent.
Excluding food and energy, the core index rose 0.2 percent, the largest increase in more than a year. Core prices increased 1 percent over the past 12 months. That's higher than December's 0.8- percent annual pace, but well below the Federal Reserve's preferred range of close to 2 percent.
The Dow Jones industrial average jumped to a new 2.5-year high, gaining 29.97 points, or 0.24 percent, to 12,318.14. The Standard & Poor's 500 Index was up 4.10 points, or 0.31 percent, to 1,340.4, twice its financial-crisis low. The Nasdaq gained 6.02 points, or 0.21 percent, to 2,831.58.
The Federal Reserve Bank of Philadelphia's index of general business activity rose to 35.9 in February, hitting its highest level since January 2004. Investors believed that the strong reading was a positive signal of the economy's momentum.
A strong round of earnings appeared on Thursday. Dr Pepper Snapple Group Inc. reported quarterly profit that beat estimates and gave an upbeat forecast, while its competitor Coca Cola Co also announced an increase in its dividend.
The technology sector showed strength, after Nvidia Corp posted better-than-expected results late Wednesday for its fiscal fourth quarter ended Jan. 30, and provided a surprisingly strong guidance for the first quarter.
The market continued to overlook the uneasy situation in the Mideast, but U.S. crude futures jumped as civilian unrest in some oil-producing regions kept focus on supply, boosting shares of energy companies.
The U.S. Labor Department said on Thursday that 410,000 people sought unemployment assistance last week, a jump of 25,000 from the previous week. The rise was much bigger than market expectations.
Also according to the Labor Department, the Consumer Price Index rose 0.4 percent last month, matching December's increase. In the past year, the index has risen 1.6 percent.
Excluding food and energy, the core index rose 0.2 percent, the largest increase in more than a year. Core prices increased 1 percent over the past 12 months. That's higher than December's 0.8- percent annual pace, but well below the Federal Reserve's preferred range of close to 2 percent.
