US stocks climbed today, sending the Standard & Poor’s 500 index within two points of its all-time closing high and lifting the Dow to yet another record high, after government data showed jobless claims dropped unexpectedly last week to the lowest level in almost two months in a sign the economy is expanding.
Earlier in the day, the Labor Department said first-time jobless claims fell by 10,000 to 332,000 in the week ended March 9, the least since mid-January.
Separately, the Labor Department reported a 0.7 percent jump in producer prices in February, boosted by an increase in gasoline prices.
The Chicago Boards Options Exchange Volatility Index, a gauge of the price of using options as insurance against declines in the S&P 500, fell 4.7 percent to 11.28, the lowest level since February 2007.
The Dow Jones Industrial Average rose 84 points, stretching gains into a 10th consecutive session, its longest streak in 16 years. The 30-stock blue-chip reached another all-time high for an eighth consecutive session.
The S&P 500 Index (SPX) rose 9 points, its highest level since October 2007 and leaving the benchmark index less than 2 points short of its record close in October 2007. Energy, telecommunications and technology climbed the most among its 10 major business groups while healthcare firms slipped.
Treasuries retreated Thursday, pushing yields up, after better-than-expected jobless claims diminished demand for US government securities.
The US dollar fell Thursday, giving up earlier gains that followed data showing weekly jobless claims fell to the second lowest level in five years.
Meanwhile, European stock markets advanced to a 4 ½ year high as lawmakers gathered for a two-day summit in Brussels and first-time US jobless claims fell unexpectedly in February.
The Stoxx Europe 600 index added more than one percent to close at 298.52, its highest level since June 3, 2008.
Our Trend Tracking Indexes (TTIs) picked up steam as well and moved further into bullish territory with the Domestic TTI settling at +3.71% and the International TTI ending at +11.01%.
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