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Toward the end of trading Thursday, the Dow traded up 4.72% to 22201.10 while the NASDAQ rose 3.94% to 7674.91. The S&P also rose, gaining 4.7% to 2,591.93.
US reported a total of 69,100 coronavirus cases with around 1,040 deaths. Italy reported a total of at least 74,300 confirmed cases and 7,500 deaths, while Spain confirmed a total of over 49,500 coronavirus cases. Mainland China reported 67 new imported cases on Thursday. In total, there are at least 480,400 cases of COVID-19 worldwide with over 21,500 deaths.
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Leading and Lagging Sectors
Utilities shares climbed 7.7% on Thursday. Meanwhile, top gainers in the sector included Companhia Paranaense de Energia (NYSE:ELP), up 14%, and MGE Energy, Inc. (NASDAQ:MGEE), up 15%.
In trading on Thursday, consumer discretionary shares rose by just 3%.
Top Headline
Signet Jewelers Ltd. (NYSE:SIG) reported better-than-expected results for its fourth quarter.
Signet reported quarterly earnings of $3.67 per share, beating analysts’ estimates of $3.47 per share. Revenue came in at $2.153 billion, exceeding the consensus expectations of $2.12 billion.
Equities Trading UP
Granite Point Mortgage Trust Inc. (NYSE:GPMT) shares shot up 242% to $7.70. JMP Securities upgraded Granite Point Mortgage from Market Perform to Market Outperform and announced a $10 price target.
Shares of AG Mortgage Investment Trust, Inc. (NYSE:MITT) got a boost, shooting 89% to $4.8394 after gaining 20% on Wednesday.
MFA Financial, Inc. (NYSE:MFA) shares were also up, gaining 108% to $2.3699 after surging around 217% on Wednesday.
Equities Trading DOWN
XpresSpa Group, Inc. (NASDAQ:XSPA) shares tumbled 26% to $0.2360. XpresSpa Group priced its 8.75 million common stock offering for gross proceeds of $1.79 million.
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Shares of Astrotech Corporation (NASDAQ:ASTC) were down 21% to $3.1880. Astrotech shares jumped 265% on Wednesday after the company announced it is developing its BreathTest 1000 screening instrument for lung diseases including Coronavirus and Pneumonia.
HyreCar Inc. (NASDAQ:HYRE) was down, falling 16% to $1.70. HyreCar reported a loss for its fourth quarter.
Commodities
In commodity news, oil traded down 7.6% to $22.63, while gold traded up 1.4% to $ 1,655.80.
Silver traded down 0.9% Thursday to $14.74, while copper fell 1% to $2.1815.
Euro zone
European shares closed higher today. The eurozone’s STOXX 600 rose 2.55% the Spanish Ibex Index rose 1.31%, while Italy’s FTSE MIB Index rose 0.73%. Meanwhile, the German DAX gained 1.28%, and the French CAC 40 rose 2.51% while UK shares rose 2.24%.
Economics
The US economy expanded 2.1% percent in the fourth quarter, unrevised from the second estimate.
The US trade deficit on goods shrank to $59.89 billion in February, versus $65.9 billion in the previous month.
US initial jobless claims climbed to a record 3.28 million for the recent week, from a reading of 282,000 in the previous week.
US wholesale inventories fell 0.5% in February, versus a revised 0.5% decline in the prior month.
Domestic supplies of natural gas dropped 29 billion cubic feet for the week ended March 20, the U.S. Energy Information Administration reported. However, analysts projected a fall of 27 billion cubic feet.
Data on money supply for the recent week will be released at 4:30 p.m. ET.
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.