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Midway through trading Thursday, the Dow traded up 0.27 percent to 24,960.45 while the NASDAQ climbed 0.67 percent to 7,191.27. The S&P also rose, gaining 0.36 percent to 2,708.41.
Leading and Lagging Sectors
On Thursday, the non-cyclical consumer goods & services shares climbed 0.95 percent. meanwhile, top gainers in the sector included Aaron's, Inc. (NYSE:AAN), up 15 percent, and Avon Products, Inc. (NYSE:AVP), up 8 percent.
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In trading on Thursday, energy shares tumbled 0.72 percent. Meanwhile, top losers in the sector included SunPower Corporation (NASDAQ:SPWR), down 9 percent, and Marathon Oil Corporation (NYSE:MRO) down 7 percent.
Top Headline
Cisco Systems, Inc. (NASDAQ:CSCO) reported stronger-than-expected results for its second quarter on Wednesday.
Cisco said it earned 63 cents per share in the second quarter on revenue of $11.9 billion versus expectations of 59 cents per share and $11.81 billion.
Cisco boosted its quarterly dividend from 29 cents per share to 33 cents per share and guided its fiscal third quarter EPS above the Street's estimates.
Equities Trading UP
Solaredge Technologies Inc (NASDAQ:SEDG) shares shot up 20 percent to $44.45 after the company posted better-than-expected Q4 earnings and issued a strong guidance. A 13F filing from George Soros also showed an increased stake in the company.
Shares of AMAG Pharmaceuticals, Inc. (NASDAQ:AMAG) got a boost, shooting up 32 percent to $18.40 after the pharmaceutical company that focuses on maternal health, announced an update for its therapy to reduce the risk of preterm birth in certain at-risk women called Makena. The company said that the U.S. Food and Drug Administration approved Makena for pregnant women with one baby and who spontaneously delivered one preterm baby in the past.
Build-A-Bear Workshop, Inc (NYSE:BBW) shares were also up, gaining 20 percent to $9.40 as the company posted better-than-expected Q4 earnings.
Equities Trading DOWN
Avid Bioservices Inc (NASDAQ:CDMO) shares dropped 27 percent to $2.35. Avid Bioservices priced its 9 million share public offering of common stock at $2.25 per share.
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Shares of Inpixon (NASDAQ:INPX) were down 24 percent to $2.40 after announcing launch of public offering of Class A and B units.
CAI International Inc (NYSE:CAI) was down, falling around 20 percent to $21.40. CAI International reported upbeat Q4 earnings, while sales missed estimates.
Commodities
In commodity news, oil traded up 0.02 percent to $60.61 while gold traded down 0.25 percent to $1,354.60.
Silver traded down 1.05 percent Thursday to $16.70, while copper rose 0.09 percent to $3.239.
Eurozone
European shares were higher today. The eurozone’s STOXX 600 climbed 0.53 percent, the Spanish Ibex Index rose 0.30 percent, while Italy’s FTSE MIB Index jumped 0.28 percent. Meanwhile the German DAX gained 0.06 percent, and the French CAC 40 rose 1.11 percent while U.K. shares rose 0.29 percent.
Economics
Initial jobless claims gained 7,000 to 230,000 in the latest week. Economists projected claims to reach 230,000 last week.
The Producer Price Index rose 0.4 percent for January, versus economists’ expectations for a 0.4 percent gain.
The Philadelphia Fed manufacturing index climbed to 25.8 in February, versus a reading of 22.2 in January. However, economists were expecting a reading of 21.1.
The Empire State manufacturing index declined to 13.1 in February, compared to 17.7 in January. Economists projected a reading of 17.5.
U.S. industrial production declined 0.1 percent for January, versus economists’ expectations for a 0.2 percent growth.
The NAHB housing market index remained flat at 72 for February. However, economists projected a reading of 72.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.