WASHINGTON (dpa-AFX) - Stocks have moved mostly higher during trading on Thursday, with the major averages all moving to the upside after ending yesterday's volatile session mixed. The advance has lifted the major averages to new record intraday highs.
The major averages have pulled back off their best levels in recent trading but currently remain positive. The Nasdaq is up 230.81 points or 1.0 percent at 22,492.13, the S&P 500 is up 37.55 points or 0.6 percent at 6,637.90 and the Dow is up 126.52 points or 0.3 percent at 46,144.84.
Technology stocks have helped lead the markets amid higher amid a spike by shares of Intel (INTC), with the chipmaker skyrocketing by 25.8 percent to its best intraday level in over a year.
The rally by Intel comes after the company announced a collaboration with Nvidia (NVDA) to jointly develop multiple generations of custom data center and PC products.
Nvidia, which is jumping by 3.1 percent after moving to the downside over the past few sessions, will invest $5 billion in Intel's common stock at a purchase price of $23.28 per share.
Cybersecurity technology company CrowdStrike (CRWD) has also surged by 10.2 percent after providing upbeat guidance and announcing a strategic partnership with Salesforce (CRM) at an investor day on Wednesday.
In U.S. economic news, the Labor Department released a report showing initial jobless claims pulled back by more than expected in the week ended September 13th.
The Labor Department said initial jobless claims fell to 231,000, a decrease of 33,000 from the previous week's revised level of 264,000.
Economists had expected jobless claims to pull back to 240,000 from the 263,000 originally reported for the previous week.
Meanwhile, the Conference Board released a separate report showing its reading on leading U.S. economic indicators fell by much more than expected in the month of August.
The Conference Board said its leading economic index slid by 0.5 percent in August after inching up by a revised 0.1 percent in July.
Economists had expected the leading economic index to edge down by 0.1 percent, matching the dip originally reported for the previous month.
Sector News
With Intel leading the way higher, semiconductor stocks have shown a substantial move to the upside on the day, driving the Philadelphia Semiconductor Index up by 3.5 percent to a record intraday high.
Computer hardware and software stocks are also seeing considerable strength, contributing to the jump by the tech-heavy Nasdaq.
Outside of the tech sector, brokerage stocks are turning in a strong performance, with the NYSE Arca Broker/Dealer Index climbing by 1.3 percent.
On the other hand, gold stocks are moving lower along with the price of the precious metal, dragging the NYSE Arca Gold Bugs Index down by 1.1 percent.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region turned in another mixed performance during trading on Thursday. Japan's Nikkei 225 Index jumped by 1.2 percent, while China's Shanghai Composite Index slumped by 1.2 percent and Hong Kong's Hang Seng Index tumbled by 1.4 percent.
Meanwhile, the major European markets have all moved to the upside. While the German DAX Index is up by 1.3 percent and the French CAC 40 Index is up by 1.1 percent, the U.K.'s FTSE 100 Index is posting a more modest gain, up by 0.3 percent.
In the bond market, treasuries are extending the late-day weakness seen in the previous session. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is up by 4.8 basis points at 4.124 percent.
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