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U.S. Stocks Rise Amid Jobless Claims, Earnings Reports




U.S. stocks rose, extending a rally in the Standard & Poor’s 500 Index to a fifth day, as earnings from United Parcel Services Inc. to Cliffs Natural Resources Inc. topped estimates and jobless claims fell.

Cliffs Natural soared 19 percent and UPS climbed 1.8 percent. Akamai Technologies Inc. rose 19 percent as revenue and profit beat estimates. 3M Co. (MMM) slid 2.7 percent as profit trailed forecasts and the company cut its full-year outlook amid a slowing global economy. Qualcomm Inc. lost 5.6 percent after forecasting profit that may miss some analysts’ projections. The S&P 500 (SPX) advanced 0.7 percent to 1,589.46 at 11:09 a.m. in New York . The gauge has risen 3.1 percent since April 18, the biggest five-day gain since January. The Dow Jones Industrial Average climbed 73.85 points, or 0.5 percent, to 14,750.15 today. Trading in S&P 500 stocks was 28 percent higher than the 30-day average during this time of day. “The majority of companies are continuing to beat expectations, so that’s a good sign,” Peter Jankovskis , who helps oversee $3 billion as co-chief investment officer of Lisle, Illinois-based Oakbrook Investments LLC, said by telephone. “The jobless claims were better-than-expected, so that’s providing some support.” Some 59 S&P 500 companies post earnings today. Of those that have published results so far in this reporting season, 74 percent have exceeded analysts’ earnings estimates while 55 percent missed on revenue, data compiled by Bloomberg show. Profit at S&P 500 companies dropped 1.1 percent in the first three months of the year, according to analyst forecasts compiled by Bloomberg. That would mark the first year-over-year decrease since 2009. Jobless Claims Applications for jobless benefits fell by 16,000 to 339,000 in the week ended April 20, according to Labor Department data released today in Washington . Economists […]


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