Investing.com – U.S. stocks were sharply higher after the open on Thursday, after General Motors launched what could potentially be the biggest initial public offering in history and as shares in the financial and commodity sector performed strongly.
During early U.S. trade, the Dow Jones Industrial Average jumped 1.24%; the S&P 500 index surged 1.32%, while the Nasdaq Composite index soared 1.50%.
Shares in General Motors jumped 5.67% after the company raised approximately USD 20.1 billion through an IPO on Wednesday. Shares in the U.S. automaker traded publicly for the first time since it filed for bankruptcy in June 2009.
Meanwhile, shares in the financial sector performed strongly as fears over Ireland’s debt crisis eased. Shares in global financial service provider Goldman Sachs jumped 1.30%, Citigroup saw shares rise 1.19%, while U.S. listed shares of the Bank of Ireland soared 9.72%.
Meanwhile, in the commodity sector, miners and energy stocks outperformed as crude oil and metal prices advanced. Shares in oil and gas giant Exxon Mobil gained 1.68%, shares in the largest U.S. aluminum producer Alcoa surged 4.25%, while the world’s largest gold producer Barrick Gold saw shares rise 2.34%.
In earnings news, shares in the world’s largest office products company Staples jumped 1.67% after it said third quarter net income rose by 7.2% to USD 288.7 million. The company said sales in the quarter rose 0.3% to USD 6.54 billion, beating expectations for an increase to USD 6.52 billion.
But shares in the largest U.S. department store Sears Holdings tumbled 3.90% after it said its third quarter net loss widened to USD 218 million, compared to a loss of USD 127 million a year earlier. The retailer said revenue in the third quarter fell 5% to USD 9.68 billion, falling short of analyst expectations of USD 9.95 billion.
Across the Atlantic, European stock markets posted sharp gains: the EURO STOXX 50 soared 1.49%, France’s CAC 40 jumped 1.53%, Germany's DAX added 1.36%, while Britain's FTSE 100 gained 1.30%.
Earlier in the day, the U.S. Department of Labor said the number of individuals filing for initial jobless benefits in the week ending November 13 rose to a seasonally adjusted 439K, after rising to a revised 437K in the preceding week. Analysts had expected initial jobless claims to rise to 442K in the week ending November 13.
During early U.S. trade, the Dow Jones Industrial Average jumped 1.24%; the S&P 500 index surged 1.32%, while the Nasdaq Composite index soared 1.50%.
Shares in General Motors jumped 5.67% after the company raised approximately USD 20.1 billion through an IPO on Wednesday. Shares in the U.S. automaker traded publicly for the first time since it filed for bankruptcy in June 2009.
Meanwhile, shares in the financial sector performed strongly as fears over Ireland’s debt crisis eased. Shares in global financial service provider Goldman Sachs jumped 1.30%, Citigroup saw shares rise 1.19%, while U.S. listed shares of the Bank of Ireland soared 9.72%.
Meanwhile, in the commodity sector, miners and energy stocks outperformed as crude oil and metal prices advanced. Shares in oil and gas giant Exxon Mobil gained 1.68%, shares in the largest U.S. aluminum producer Alcoa surged 4.25%, while the world’s largest gold producer Barrick Gold saw shares rise 2.34%.
In earnings news, shares in the world’s largest office products company Staples jumped 1.67% after it said third quarter net income rose by 7.2% to USD 288.7 million. The company said sales in the quarter rose 0.3% to USD 6.54 billion, beating expectations for an increase to USD 6.52 billion.
But shares in the largest U.S. department store Sears Holdings tumbled 3.90% after it said its third quarter net loss widened to USD 218 million, compared to a loss of USD 127 million a year earlier. The retailer said revenue in the third quarter fell 5% to USD 9.68 billion, falling short of analyst expectations of USD 9.95 billion.
Across the Atlantic, European stock markets posted sharp gains: the EURO STOXX 50 soared 1.49%, France’s CAC 40 jumped 1.53%, Germany's DAX added 1.36%, while Britain's FTSE 100 gained 1.30%.
Earlier in the day, the U.S. Department of Labor said the number of individuals filing for initial jobless benefits in the week ending November 13 rose to a seasonally adjusted 439K, after rising to a revised 437K in the preceding week. Analysts had expected initial jobless claims to rise to 442K in the week ending November 13.