U.S. stocks advanced on Thursday, with the main indexes posting their
fifth consecutive monthly gain. Meanwhile, a rally in biotech shares
pushed the Nasdaq Composite into record territory.
Earlier, a
pair of economic reports in the morning that highlighted continued
improvement in the economy also boosted sentiment on Wall Street.
The Nasdaq Composite COMP, +0.95% notched its first record close since July 26, thanks to a two-day rally in biotechnology stocks. The tech-heavy index added 60.35 points, or 1%, to 6,428.66 and gained 1.3% over the month. The iShares Nasdaq Biotech ETF IBB, +2.78% rallied 2.8% and posted 4.5% gain in August.
The S&P 500 SPX, +0.57% closed 14.06 points, or 0.6%, higher at 2,471.64, with nine of the 11 main sectors finishing in positive territory. Health-care stocks led the gains, up 1.7%, followed by solid gains among materials and technology shares, with gains of 0.8% and 0.7%, respectively. The only down sector was telecoms, down 0.3%.
Thursday’s gains helped the benchmark index post its fifth consecutive monthly gain, rising less than 0.1%.
The Dow Jones Industrial Average DJIA, +0.25% added 59.92 points, or 0.3%, to 21,952.35, with 22 of the 30 blue-chip companies closing higher. DuPont US:DD , which gained 1.6%; Pfizer Inc. PFE, +1.41% , up 1.4%; and UnitedHealth Group Inc. UNH, +1.54% , up 1.5%, led the gains. The blue-chip index gained 0.3% over the month and is up 11% year to date.
The S&P has climbed 10.5%, and the tech-heavy Nasdaq has surged 19% since the start of the year.
Low levels of first-time jobless claims suggest the labor market remains robust, while consumer spending — the biggest driver of the economy — picked up in July, thanks to higher income for consumers and low inflation.
The Nasdaq Composite COMP, +0.95% notched its first record close since July 26, thanks to a two-day rally in biotechnology stocks. The tech-heavy index added 60.35 points, or 1%, to 6,428.66 and gained 1.3% over the month. The iShares Nasdaq Biotech ETF IBB, +2.78% rallied 2.8% and posted 4.5% gain in August.
The S&P 500 SPX, +0.57% closed 14.06 points, or 0.6%, higher at 2,471.64, with nine of the 11 main sectors finishing in positive territory. Health-care stocks led the gains, up 1.7%, followed by solid gains among materials and technology shares, with gains of 0.8% and 0.7%, respectively. The only down sector was telecoms, down 0.3%.
Thursday’s gains helped the benchmark index post its fifth consecutive monthly gain, rising less than 0.1%.
The Dow Jones Industrial Average DJIA, +0.25% added 59.92 points, or 0.3%, to 21,952.35, with 22 of the 30 blue-chip companies closing higher. DuPont US:DD , which gained 1.6%; Pfizer Inc. PFE, +1.41% , up 1.4%; and UnitedHealth Group Inc. UNH, +1.54% , up 1.5%, led the gains. The blue-chip index gained 0.3% over the month and is up 11% year to date.
The S&P has climbed 10.5%, and the tech-heavy Nasdaq has surged 19% since the start of the year.
Low levels of first-time jobless claims suggest the labor market remains robust, while consumer spending — the biggest driver of the economy — picked up in July, thanks to higher income for consumers and low inflation.
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