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Midway through trading Thursday, the Dow traded up 0.53 percent to 17,247.34 while the NASDAQ surged 0.54 percent to 4,586.60. The S&P also rose, gaining 0.44 percent to 2,010.27.
Leading and Lagging Sectors
In trading on Thursday, financial shares were relative leaders, up on the day by about 0.82 percent. Top gainers in the sector included MarketAxess Holdings (NASDAQ: MKTX), up 5.9 percent, and Financial Engines (NASDAQ: FNGN), up 4.9 percent.
Utilities shares declined 0.18 percent on Thursday. Top losers in the sector included TECO Energy (NYSE: TE), down 1.5 percent, and Pinnacle West Capital (NYSE: PNW), off 1.2 percent.
Top Headline
Rite Aid (NYSE: RAD) lowered its FY15 earnings outlook. However, the company also reported better-than-expected second-quarter earnings.
The Camp Hill, Pennsylvania-based company posted quarterly net income of $127.8 million, or $0.13 per share, versus $32.8 million, or $0.03 per share, in the year-ago period.
Its revenue rose to $6.5 billion from $6.3 billion. However, analysts were expecting earnings of $0.06 per share on revenue of $6.47 billion.
Equities Trading UP
ConAgra Foods (NYSE: CAG) shares shot up 2.76 percent to $32.90 after the company reported stronger-than-expected fiscal first quarter earnings.
Shares of Penn West Petroleum (NYSE: PWE) got a boost, shooting up 9.70 percent to $7.69 after the company reported Q2 GAAP EPS of C$0.29 on gross revenue of C$650.0 million and announced the results of internal review of accounting practices. The company also confirmed no impact on strategic direction.
MSCI (NYSE: MSCI) shares were also up, gaining 5.27 percent to $48.73 after the company declared its first dividend and increased its existing share repurchase authorization to $850 million from $300 million.
Equities Trading DOWN
Shares of Pier 1 Imports (NYSE: PIR) were down 17.28 percent to $12.86 after the company reported weaker-than-expected Q2 results and lowered its FY15 forecast. Analysts at Wells Fargo downgraded Pier 1 from Outperform to Market Perform.
Rite Aid (NYSE: RAD) shares tumbled 16.42 percent to $5.55 after the company lowered its FY15 earnings outlook. However, the company also reported better-than-expected second-quarter earnings.
Peabody Energy (NYSE: BTU) was down, falling 5.57 percent to $13.40 after Goldman Sachs downgraded the stock from Neutral to Sell and lowered the target price from $15 to $13.
Commodities
In commodity news, oil traded down 0.42 percent to $94.02, while gold traded down 0.79 percent to $1,226.10.
Silver traded down 0.90 percent Thursday to $18.57, while copper fell 1.34 percent to $3.10.
Euro zone
European shares were higher today. The eurozone’s STOXX 600 rose 0.90 percent, the Spanish Ibex Index surged 0.74 percent, while Italy’s FTSE MIB Index jumped 0.07 percent. Meanwhile, the German DAX rose 1.23 percent and the French CAC 40 gained 0.67 percent while UK shares gained 0.46 percent.
Economics
US jobless claims fell 36,000 to 280,000 in the week that ended September 13. However, economists were expecting claims to reach 305,000 in the week.
Construction on new US homes fell 14.4% to 956,000 in August, versus 1.12 million in July. However, economists were estimating starts to reach a rate of 1.04 million.
The general conditions index of the Philadelphia Fed's Survey fell to 22.50 in September, versus a prior reading of 28.00 However, economists were expecting a reading of 23.00.
US natural-gas inventories increased 90 billion cubic feet for the week ended September 12, according to the Energy Information Administration. However, analysts were expecting a rise of 88 bcf to 92 bcf.
Data on money supply 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.
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