WASHINGTON (dpa-AFX) - Stocks have moved notably higher during trading on Thursday, adding to the strong gains posted in the two previous sessions. The Nasdaq had shown a particularly strong move to the upside, reflecting strength among tech stocks.
The major averages have reached new highs for the session in recent trading. The Nasdaq is up 332.07 points or 2.0 percent at 17,040.12, the S&P 500 is up 77.97 points or 1.5 percent at 5,453.83 and the Dow is up 292.27 points or 0.7 percent at 39,898.84.
Semiconductor stocks are turning in some of the market's best performances on the day, resulting in a 4.6 percent spike by Philadelphia Semiconductor Index.
Texas Instruments (TXN) and Lam Research (LRCX) have helped lead the sector higher after reporting better than expected quarterly earnings.
Industry giant Intel (INTC) is also posting a strong gain ahead of the release of its first quarter results after the close of today's trading.
Software and computer hardware stocks are also seeing significant strength, with the Dow Jones U.S. Software Index and the NYSE Arca Computer Hardware Index surging by 3.3 percent and 3.2 percent, respectively.
Outside of the tech sector, oil service stocks have shown a strong move to the upside amid a rebound by the price of crude oil, driving the Philadelphia Oil Service Index up by 2.1 percent.
Brokerage, telecom and retail stocks are also seeing notable strength, moving higher along with most of the other major sectors.
The continued strength on Wall Street comes despite comments from a Chinese Ministry of Commerce spokesperson that partly offset optimism about a U.S.-China trade deal.
Ministry of Commerce Spokesperson He Yadong told reporters there are currently 'absolutely no negotiations on the economy and trade between China and the U.S,' according to a CNBC translation.
He added that 'all sayings' regarding progress on bilateral talks should be dismissed and said the U.S. should cancel all 'unilateral' tariffs on China if it really wants to resolve the problem.
On the U.S. economic front, the Labor Department released a report on Thursday showing first-time claims for U.S. unemployment benefits edged modestly higher in the week ended April 19th.
The report said initial jobless claims crept up to 222,000, an increase of 6,000 from the previous week's revised level of 216,000. Economists had expected jobless claims to rise to 221,000 from the 215,000 originally reported for the previous week.
A separate report released by the Commerce Department showed new orders for U.S. manufactured durable goods surged much more than expected in the month of March amid a spike by orders for transportation equipment.
Meanwhile, the National Association of Realtors released a report showing a steep drop by U.S. existing home sales in the month of March.
In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance during trading on Thursday. Japan's Nikkei 225 Index rose by 0.5 percent, while Hong Kong's Hang Seng Index slid by 0.7 percent.
The major European markets have also turned narrowly mixed on the day. While the U.K.'s FTSE 100 Index is down by 0.1 percent, the French CAC 40 Index is up by 0.1 percent and the German DAX Index is up by 0.2 percent.
In the bond market, treasuries have moved higher after ending the previous session roughly flat. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 5.5 basis points at 4.332 percent.
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