The Dow Jones Industrial Average traded near session highs Thursday afternoon, adding to its strong close on Wednesday. The major indexes are on track to close out the week higher.
On Thursday, new jobless claims fell to 210,000 from 218,000 the previous week. It was slightly more than the 208,000 consensus estimate by Econoday. Yet, the market seemed to be uninterested in the slightly negative economic data.
Elsewhere, revised GDP numbers showed the U.S. economy contracted by a 1.5% annual rate in the first quarter, from a previously estimated 1.4% decline. The drop was largely because of a record trade deficit, and a decline in corporate profits, which fell for the first time in five quarters.
Dow Jones Today
The Dow Jones Industrial Average traded up 1.8%, or 564 points, while the S&P 500 was up around 2.1%. Meanwhile, the small-cap Russell 2000 rose 2.6% while the Nasdaq led with a 2.9% gain. Volume was running higher on the Nasdaq and the NYSE vs. the same time on Wednesday.
U.S. Stock Market Today Overview |
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|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 32692.92 | +572.64 | +1.78 |
| S&P 500 | (0S&P5) | 4064.62 | +85.89 | +2.16 |
| Nasdaq | (0NDQC ) | 11767.34 | +332.60 | +2.91 |
| Russell 2000 | 183.23 | +4.50 | +2.52 | |
| IBD 50 | 31.84 | +0.72 | +2.31 | |
Last Update: 1:56 PM ET 5/26/2022 |
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Among notable ETF action, the SPDR S&P Retail ETF jumped more than 5%, adding to Wednesday's nearly 7% surge. The retail ETF reclaimed its 21-day line after Macy's reported better-than-expected results early Thursday. The department store chain also raised its outlook amid lowered expectations from other major U.S. retailers.
The stock jumped nearly 18% and reclaimed support at its 21-day moving average. Macy's expects net sales of $24.4 billion to $24.7 billion for the 2022 fiscal year. It projected full-year adjusted earnings of $4.53 to $4.95 per share. This is up from the previous forecast of $4.13 to $4.52 a share.
Breakouts In Oil And Gas
The oil and gas sector has shown strength in recent weeks and is hosting several breakouts. A handful of stocks on the MarketSmith Growth 250 list scored breakouts today, including SM Energy, Western Midstream Partners, Enterprise Products Partners and Northern Oil & Gas.
SM Energy rose well over 6% and is now extended from its 5% buy zone, which topped out at 45.47. Shares launched past the 43.79 entry, while the stock's RS line reached a new high. SM Energy is part of the U.S. exploration and production group, which ranks No. 7 among IBD's 197 industry groups. The stock rose nearly 8% in heavy volume Wednesday, which is also a positive sign.
Western Midstream Partners broke above a 27.39 entry, with gains of over 2%. The Woodlands, Texas-based firm is part of the pipeline oil and gas group, which ranks No. 12.
Enterprise Products Partners rose above a 27.75 flat-base entry. But shares faded below it in early afternoon trading. The company, which is also part of the pipeline group, is primarily focused on liquefied natural gas.
Northern Oil & Gas, another U.S. exploration and production stock, rose over 4% and remains inside the buy zone from a 30.54 entry. The stock's heavy-volume gains from Wednesday's session also support its advance.
Follow Rachel Fox on Twitter at @IBD_RFox for more Dow Jones and stock market commentary.
