Wall St. Closes Higher On Upbeat Earnings, Economic Data

Wall Street closed high on Thursday as upbeat earnings, as well as economic data, becoming stronger drew investors to make more purchases.

S&P 500 reached an all-time high on April 30 closing with 2percent gain. Other top U.S stock indexes also gained about 1 percent.

In its quarter one results, Walmart gained by 1.9 percent surpassing the analyst estimate.

The rivalry between U.S and China leading to unpredictable tariffs has affected investors. However, upbeat results for every quarter as well as data showing the stability of the U.S. economy have helped to ease trade tensions.

Cisco Systems rose by 7.2 percent. Its shares remained stable and gained the highest percentage since February 2016.

As per the Commerce Department, the slashing of interest rates attracted many to the housing sector which had not been doing well. In April, more new U.S. homes were established, beating analysts’ expectations.

The S&P 1500 Homebuilding index registered an increase of 1.4 percent.

Meanwhile, the Labour Department released a report that showed there was a decrease in the number of Americans who were applying for unemployment as per last week.

Elsewhere, Huawei shares went down for most of its suppliers including Skyworks Solutions Inc, Qorvo Inc, Xilinx Inc, Micron Technology Inc, and Qualcomm Inc.

Another loser was the Philadelphia SE Semiconductor index, which dropped by 1.6 percent.

A safety agency report claiming the Autopilot feature contributed to the March deadly crash that happened in Florida made the Electric automaker Tesla Inc to lose by 1.3 percent.

Meanwhile, Uber and Lyft registered three consecutive days of gains. Uber Technologies shares gained 4.4 percent while Lyft Inc gained 3.9 percent.

The DJIA gained 241.74 points closing at 25,889.76. The Nasdaq Composite rose by 87.01 points( 1.11 percent) closing at 7,909.16 while the S&P 500 increased by 31.19 points (1.09 percent) reaching 2,882.15. About 450 S&P 500 companies have reported their quarterly earnings. 75percent of the S&P 500 companies have surpassed the estimated profit as Refinitiv data shows.