WASHINGTON (dpa-AFX) - After moving mostly higher early in the session, stocks continue to turn in a strong performance throughout the day on Thursday. The major averages all moved to the upside after ending yesterday's trading mixed, reaching new record closing highs.
The tech-heavy Nasdaq led the way higher, jumping 209.40 points or 0.9 percent to 22,470.73. The S&P 500 also climbed 31.61 points or 0.5 percent to 6,631.96, while the Dow rose 124.10 points or 0.3 percent to 46,142.42.
Technology stocks helped lead the markets higher amid a spike by shares of Intel (INTC), with the chipmaker skyrocketing by 22.8 percent to its best closing level in over a year.
The rally by Intel came after the company announced a collaboration with Nvidia (NVDA) to jointly develop multiple generations of custom data center and PC products.
Nvidia, which jumped by 3.5 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) also surged by 12.8 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 showed a substantial move to the upside on the day, driving the Philadelphia Semiconductor Index up by 3.6 percent to a record closing high.
Computer hardware and biotechnology stocks are also saw considerable strength, contributing to the jump by the tech-heavy Nasdaq.
Outside of the tech sector, financial stocks turned in a strong performance, with the KBW Bank Index and the NYSE Arca Broker/Dealer Index climbing by 1.4 percent and 1.3 percent, respectively.
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 all moved to the upside on the day. While the German DAX Index surged by 1.4 percent and the French CAC 40 Index advanced by 0.9 percent, the U.K.'s FTSE 100 Index posted a more modest gain, edging up 0.2 percent.
In the bond market, treasuries extended 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, rose 2.8 basis points to a two-week closing high of 4.104 percent.
Looking Ahead
Following several key economic events earlier in the week, the U.S. economic calendar for Friday is relatively quiet, potentially leading to light trading activity.
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