NEW YORK (AP) -- Strong corporate earnings reports and the lowest unemployment claims in almost four years gave investors more reasons Thursday to take risks on stocks, and the market continued its quiet but solid January climb.
The Dow Jones industrial average gained 45.03 points to close at 12,623.98. The Standard P has moved up or down 1 percent or more only twice, and the Dow has moved 100 points only once, a 179-point gain on opening day, Jan. 3.
But the gains have been steady. The SP and 7 percent for the Nasdaq composite index.
Investors appear ready to believe that the economic recovery is for real and getting stronger.
"The market is screaming loud and clear," said Doug Cote, chief market strategist with ING Investment Management. "Prices have lagged fundamentals, and now they're catching up."
After the market closed, Google stock plunged more than 10 percent after its earnings per share badly missed Wall Street expectations. Intel and Microsoft rose slightly in after-hours trading after more encouraging reports.
In a sign of a bigger appetite for risk, investors moved money out of U.S. debt, a haven during the stock market's volatile second half of 2011. The yield on the 10-year U.S. Treasury note increased to 1.98 percent from 1.90 percent Wednesday.
The market was led by industries that tend to perform best when the economy is getting stronger - consumer discretionary stocks, financials and industrial companies.
Of the 10 categories of stocks in the SP's came to 0.5 percent. The Nasdaq added 18.62 points, or 18.62 points, to close at 2,788.33.
Among other stocks in the news:
- eBay Inc., the online auction company, rose 3.9 percent after it beat Wall Street earnings forecasts and gave a healthy outlook for the year.
- Southwest Airlines Co. rose 3.1 percent after it said its fourth-quarter net income and revenue jumped. Southwest said it expects strong revenue in the first quarter too, based on passenger-booking trends.
- Johnson Controls Inc., an auto parts and building equipment maker based in Milwaukee, fell 8.8 percent. Its profit and revenue fell short of Wall Street forecasts. It also cut its forecasts, blaming weaker auto production in Europe, a lower euro and poor demand for batteries.
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