Investing.com - U.S. stocks opened sharply higher on Thursday, as better-than-expected U.S. jobless data and encouraging comments by European Central President Mario Draghi supported investor confidence, while investors turned to a series of fresh earnings reports.
During early U.S. trade, the Dow Jones Industrial Average jumped 1.72%, the S&P 500 index rallied 1.65% while the Nasdaq Composite index surged 1.80%.
The U.S. Department of Labor said the number of individuals filing for initial jobless benefits in the week ending July 21 fell by 35,000 to a seasonally adjusted 353,000, compared to expectations for a decline of 8,000 to 380,000.
The previous week’s figure was revised up to 388,000 from a previously reported 386,000.
Separately, official data showed that U.S. durable goods orders rose 1.6%, beating expectations for a 0.4% increase and following a 1.6% rise in May.
The report also showed that core durable goods orders, which exclude transportation items, fell unexpectedly in June, declining 1.1% after a 0.8% rise the previous month.
Sentiment also found support after ECB President Draghi said earlier that the bank will do whatever is necessary to preserve the euro.
Among earnings, Exxon Mobil climbed 0.77% after posting a quarterly profit that jumped 49%, thanks to gains related to the sale of a stake in its Japanese refining and chemicals business and tax items.
Meanwhile, 3M surged 2.01% after the mining giant reported quarterly earnings that topped expectations, although revenue fell short of estimates.
In tech stocks, United Technologies rallied 3.11% after posting less than 1% earnings, due to the effects of a global slowdown.
Elsewhere, Sprint Nextel saw shares skyrocket 14.54% although the company reported earnings and revenue that missed analysts’ expectations.
On the downside, shares in Dow Chemical tumbled 1.12% after reporting a lower-than-expected quarterly profit as demand for chlorine, plastics and electronic parts globally declined.
Also expected on Thursday, social-media game maker Zynga announced quarterly results that missed estimates and handed in 2012 guidance that disappointed investors, sending shares down 40.53%.
In addition, at least three brokerages cut their price targets on the firm. JPMorgan lowered its rating to "neutral" from "overweight."
Other stocks in focus included Amazon, Facebook and Starbucks, scheduled to post earnings after the closing bell.
Across the Atlantic, European stock markets were sharply higher. The EURO STOXX 50 surged 3.12%, France’s CAC 40 soared 3.04%, Germany's DAX rallied 1.97%, while Britain's FTSE 100 jumped 1.30%.
During the Asian trading session, Hong Kong's Hang Seng Index eased up 0.2%, while Japan’s Nikkei 225 Index climbed 0.9%.
Later in the day, the U.S. was to release industry data on pending home sales.
During early U.S. trade, the Dow Jones Industrial Average jumped 1.72%, the S&P 500 index rallied 1.65% while the Nasdaq Composite index surged 1.80%.
The U.S. Department of Labor said the number of individuals filing for initial jobless benefits in the week ending July 21 fell by 35,000 to a seasonally adjusted 353,000, compared to expectations for a decline of 8,000 to 380,000.
The previous week’s figure was revised up to 388,000 from a previously reported 386,000.
Separately, official data showed that U.S. durable goods orders rose 1.6%, beating expectations for a 0.4% increase and following a 1.6% rise in May.
The report also showed that core durable goods orders, which exclude transportation items, fell unexpectedly in June, declining 1.1% after a 0.8% rise the previous month.
Sentiment also found support after ECB President Draghi said earlier that the bank will do whatever is necessary to preserve the euro.
Among earnings, Exxon Mobil climbed 0.77% after posting a quarterly profit that jumped 49%, thanks to gains related to the sale of a stake in its Japanese refining and chemicals business and tax items.
Meanwhile, 3M surged 2.01% after the mining giant reported quarterly earnings that topped expectations, although revenue fell short of estimates.
In tech stocks, United Technologies rallied 3.11% after posting less than 1% earnings, due to the effects of a global slowdown.
Elsewhere, Sprint Nextel saw shares skyrocket 14.54% although the company reported earnings and revenue that missed analysts’ expectations.
On the downside, shares in Dow Chemical tumbled 1.12% after reporting a lower-than-expected quarterly profit as demand for chlorine, plastics and electronic parts globally declined.
Also expected on Thursday, social-media game maker Zynga announced quarterly results that missed estimates and handed in 2012 guidance that disappointed investors, sending shares down 40.53%.
In addition, at least three brokerages cut their price targets on the firm. JPMorgan lowered its rating to "neutral" from "overweight."
Other stocks in focus included Amazon, Facebook and Starbucks, scheduled to post earnings after the closing bell.
Across the Atlantic, European stock markets were sharply higher. The EURO STOXX 50 surged 3.12%, France’s CAC 40 soared 3.04%, Germany's DAX rallied 1.97%, while Britain's FTSE 100 jumped 1.30%.
During the Asian trading session, Hong Kong's Hang Seng Index eased up 0.2%, while Japan’s Nikkei 225 Index climbed 0.9%.
Later in the day, the U.S. was to release industry data on pending home sales.