Stocks Rally Despite Impeachment News
Stocks rose on Thursday as investors looked past the news of President Donald Trump's impeachment as well as mixed U.S. economic data.
The Dow Jones Industrials advanced 53.85 points to begin trading at 28.293.13
The S&P 500 recovered 4.93 points to 3,196.07
The NASDAQ added 19.39 points to Wednesday's all-time record, at 8,847.12.
The S&P 500 is up nearly 7% since House Speaker Nancy Pelosi launched a formal impeachment inquiry in September.
Cisco Systems was the best-performing Dow component, rising 1.6%. The consumer staples and real estate sectors led the S&P 500 higher, gaining 0.4% each. Micron Technology shares also contributed to Thursday's move higher. Conagra shares surged more than 14% and were on pace for their biggest one-day gain since Oct. 16, 1989.
Micron shares climbed 3.5% on the back of strong quarterly results. The chipmaker posted earnings per share and revenue that topped analyst expectations.
On the economic data front, weekly jobless claims fell to 234,000 from 252,000 the week before. However, economists expected claims to fall to 225,000.
Meanwhile, the Philadelphia Federal Reserve's business conditions index fell to 0.3 in December from 10.4 in the previous month. Economists expected the index to slip to 8.
The Democrat-led House of Representatives voted Wednesday to impeach Trump for abuse of power and obstruction of Congress. Trump became only the third president to be charged with high crimes and misdemeanors and will now face a trial in the Republican-controlled Senate.
Prices for the 10-Year U.S. Treasury were lower, raising yields to 1.94% from Wednesday's 1.93%. Treasury prices and yields move in opposite directions.
Oil prices gained seven cents to $61.00 U.S. a barrel.
Gold prices moved forward $1.80 at $1,480.50 U.S. an ounce. Copyright © 2019 Baystreet.ca Media Corp. All rights reserved.