BackUS stocks up more than 1% for 2nd day, tech leads
Dow Jones rises 1.66%, S&P 500 gains 1.59%, Nasdaq adds 1.75%
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New York: US stocks advanced more than 1% on Thursday, extending a rally from the previous session as tech shares gained with stronger-than-expected results from Oracle.
The technology sector, up 2.4%, helped fuel the advance, buoyed by a gain of over 8% in Oracle Corp , a day after its quarterly results topped Wall Street expectations. Shares of Apple climbed 1.9%.
On Wednesday, the benchmark S&P 500 index had notched its best day since October 2013 after the Federal Reserve gave an upbeat assessment of the US economy and said it would take a patient approach toward raising interest rates.
The S&P 500 had fallen nearly 5% from its most recent record high on Dec. 5 before the strong gains on Wednesday.
WTI crude fell 4.2%, while the S&P Energy sector was last up 0.1%.
At 2:35 pm, the Dow Jones industrial average rose 287.83 points, or 1.66%, to 17,644.7, the S&P 500 gained 31.95 points, or 1.59%, to 2,044.84 and the Nasdaq Composite added 81.18 points, or 1.75%, to 4,725.49.
Earlier in the session, data showed weekly jobless claims fell more than expected, suggesting the labor market continues to strengthen. However, readings on the US services sector and mid-Atlantic factory activity indicated a slower pace of growth.
Rite Aid shares surged 12.2% to $6.80 after the drugstore chain’s quarterly results topped expectations and it boosted its 2015 outlook.
Advancing issues outnumbered decliners on the NYSE 2,370 to 722, for a 3.28-to-1 ratio; on the Nasdaq, 1,969 issues rose and 760 fell for a 2.59-to-1 ratio.
The benchmark S&P 500 was posting 60 new 52-week highs and five new lows; the Nasdaq Composite was recording 133 new highs and 28 new lows.
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