Mid-Afternoon Market Update: Dow Rises Over 100 Points; Shiloh Industries Shares Spike Higher

Toward the end of trading Thursday, the Dow traded up 0.51 percent to 21,116.46 while the NASDAQ climbed 0.60 percent to 6,235.43. The S&P also rose, gaining 0.57 percent to 2,425.44.

Leading and Lagging Sectors

Cyclical consumer goods & services sector was the top gainer in the US market on Thursday. Top gainers in the sector included Shiloh Industries, Inc. SHLO, Signet Jewelers Ltd. SIG, and Carrols Restaurant Group, Inc. TAST.

In trading on Thursday, telecommunications services shares rose by just 0.2 percent. Meanwhile, top losers in the sector included B Communications Ltd BCOM, down 10 percent, and Internet Gold Golden Lines Ltd IGLD, down 2 percent.

Top Headline

Dollar General Corp. DG posted stronger-than-expected results for its first quarter and raised its FY17 sales growth outlook.

Dollar General posted Q1 earnings of $1.03 per share on revenue of $5.61 billion. However, analysts were expecting earnings of $1 per share on revenue of $5.59 billion.

Dollar General raised its FY17 sales growth outlook to 5 percent to 7 percent, versus earlier forecast of 4 percent to 6 percent.

Equities Trading UP

Spi Energy Co Ltd (ADR) SPI shares shot up 32 percent to $1.82 after the company reported a deal with Capital Stage to sell UK solar project.

Shares of ChinaCache International Holdings Ltd CCIH got a boost, shooting up 28 percent to $1.20 as the company disclosed that it has received Content Delivery Network License from the Chinese Government.

Shiloh Industries, Inc. SHLO shares were also up, gaining 20 percent to $14.04. Shiloh Industries posted Q2 adjusted earnings of $0.36 per share on revenue of $273.031 million.

Equities Trading DOWN

Express, Inc. EXPR shares dropped 17 percent to $6.47 after the company posted a wider-than-expected loss for its first quarter.

Shares of Vera Bradley, Inc. VRA were down 7 percent to $8.77. On Wednesday, Vera Bradley posted a narrower-than-expected quarterly loss, while sales missed estimates.

B Communications Ltd BCOM was down, falling around 10 percent to $18.83.

Commodities

In commodity news, oil traded up 0.70 percent to $48.66 while gold traded down 0.52 percent to $1,268.80.

Silver traded down 0.81 percent Thursday to $17.265, while copper rose 0.21 percent to $2.5855.

Eurozone

European shares closed higher today. The eurozone’s STOXX 600 gained 0.43 percent, the Spanish Ibex Index rose 0.01 percent, while Italy’s FTSE MIB Index surged 0.99 percent. Meanwhile the German DAX climbed 0.40 percent, and the French CAC 40 gained 0.66 percent while U.K. shares rose 0.32 percent.

Economics

Private-sector employers added 253,000 jobs in May, ADP reported. However, economists were expecting a gain of 185,000 jobs.

Initial jobless claims rose 13,000 to 248,000 in the latest week. However, economists projected jobless claims to reach 239,000 reading during the week.

The Markit manufacturing PMI increased to 52.70 for May, versus a previous reading of 52.50. However, economists were estimating a reading of 52.50.

The ISM manufacturing index rose to 54.90 in May, versus a prior reading of 54.90. Economists expected a reading of 54.50.

U.S. construction spending declined 1.40 percent for April, versus economists’ expectations for a 0.50 percent gain.

Supplies of natural gas increased 81 billion cubic feet for the week ended May 26, the U.S. Energy Information Administration reported. Analysts expected a gain of 78 billion cubic feet.

Domestic crude supplies declined 6.43 million barrels for the week ended May 26, the U.S. Energy Information Administration reported. Analysts projected a drop of 2.52 million barrels. Gasoline stockpiles slipped 2.86 million barrels, while distillate stockpiles rose 394,000 barrels last week.

Data on money supply for the latest week will be released at 4:30 p.m. ET.