Dow soars 423 points on economic news
Stocks rose following the release of a better-than-expected jobless claims report on Thursday morning. The Nasdaq was up 111 points at the close, and the S&P 500 was up 51.
Traders crowd the post of specialist Patrick Murphy, right, on the floor of the New York Stock Exchange Thursday, Aug. 11, 2011.
Richard Drew / AP
Stocks are rising at the close of trading after investors latched onto some small signs that the economy might not be headed into another recession.
Fewer Americans joined the unemployment line last week, and a technology bellwether said revenue could grow faster this quarter than analysts expected. The news is pushing down prices on long-term Treasurys down, and gold is down from its record high.
The Dow Jones industrial average is up 423 points Thursday, or 3.9 percent, to 11,143. It's the first time the Dow has ever had four straight 400-point days.
The S&P 500 is up 51, or 4.6 percent, to 1,173. The Nasdaq is up 111, or 4.7 percent, to 2,493. All three major U.S. stock indexes are down at least 1.6 percent for the week.