The Dow Jones Industrial Average closed at 26,378.53 on Thursday with a gain of 371.46 points or 1.43%. The S&P 500 closed at 2,938.11 for a gain of 54.13 points or 1.88%. The Nasdaq Composite closed at 8,039.16 for a gain of 176.33 points or 2.24%. The VIX Volatility Index was lower at 16.89 for a loss of 2.60 points or -13.34%.
Thursday’s market movers
U.S. indexes gained for a third consecutive day on Thursday. Investors reacted to falling government yields across the globe and returned to optimism on the positive earnings results from the second quarter for U.S. companies. On the earnings calendar, Uber and Lyft made headlines. Lyft (NASDAQ:LYFT) gained 2.87% Thursday after reporting results Wednesday evening that showed a revenue beat and non-GAAP earnings per sharebeat of 32 cents. Uber (NYSE:UBER) reported earnings after the closing bell Thursday with revenue that missed estimates and earnings that missed estimates by $1.53 per share.
In China, investors continued to watch the yuan, which the government fixed at a midpoint daily rate of 7.0039 per dollar on Thursday. For the day, the U.S. Dollar Index was up 0.09% to 97.63. The U.S. dollar-Chinese yuan exchange rate ended the day at 7.0452.
Economic reports affecting market trading included the following:
Jobless claims decreased to 209,000 from 217,000. Wholesale inventories were unchanged in June following an increase of 0.4%. The Treasury held auctions for four-week bills at a rate of 2.065%, eight-week bills at a rate of 2.050% and 30-year bonds at a rate of 2.335%. Mortgage rates were lower according to Freddie Mac’s weekly mortgage market survey. The 30-year fixed-rate mortgage averaged 3.60%, decreasing from the previous week’s 3.75%. The 15-year fixed-rate mortgage averaged 3.05%, decreasing from 3.20%.
In the S&P 500, the technology, energy and consumer discretionary sectors led