Ahead of crucial jobs data to be released on Friday, U.S. stocks rose for a fourth straight day in Thursday, bringing it close to a five-year high.
It was broad-based rally with all 10 S&P 500 sectors up and financials in the lead. The S&P's financial index gained 1.5 percent.
In the tech arena, Google Inc shares hit a new 52-week high of $769.89 earlier in the session. The stock ended up 0.7 percent at $768.05.
The Dow Jones Industrial Average(INDEXDJX:.DJI) gained 80.75 points, or 0.6 percent, to 13,575.36 at the close. The S&P 500(INDEXSP:.INX ) rose 10.41 points, or 0.72 percent, to 1,461.40. The NASDAQ
Composite(INDEXNASDAQ:.IXIC) added 14.23 points, or 0.45 percent, to end at 3,149.46.
The S&P 500 has climbed 16.2 percent so far this year.
There has been encouraging jobs data which has been coming in. The number of Americans who have been filing for unemployment benefits rose only slightly last week, according to the Labour Department.
Initial claims for unemployment benefits rose 4,000 to a seasonally adjusted 367,000, the Labour Department said, below economists' expectations for an increase to 370,000.
Analysts expect that there are hopes that Friday data will show strong jobs data.
That strong gain, combined with weak global economic data and questions of whether Spain's bailout will come to pass, have prompted some investors to say the rally is starting to look overextended, according to Reuters.
Analysts are however a bit sceptical about the rally and are inclined to attribute it to an absence of negative news in the market.
The bulls are seen as having a strong grip on the market and that is what is rallying the shares.
Notable Stock Movers:
Vringo, Inc.(NYSEAMEX:VRNG) continued to trade higher on Thursday as the stock made all time high of $5.55. The stock was up 22.10% in addition to a rise of 39% in Wednesday’s session. The stock has been reacting positively after a Judge denied to provide any summary on the ongoing patent case between the company’s wholly owned subsidiary and Google Inc(NASDAQ:GOOG). Now investors would focus on then upcoming trial case next week.
Will VRNG Hit $10 Before The case Date? Find Out here
Sirius XM Radio Inc(NASDAQ:SIRI) ended lower after rising for three consecutive session and made another multi year high earlier in the week after an upgrade.
ArQule, Inc.(NASDAQ:ARQL) jumped 22% on value buying as the stock had slumped over 56% in Tuesday’s session after the biotechnology company and Japan's Daiichi Sankyo said they will end a late-stage trial of their experimental lung cancer drug.
ACADIA Pharmaceuticals Inc.(NASDAQ:ACAD) rose 11.29% on hefty volume of over 3.10 million shares.
NII Holdings, Inc.(NASDAQ:NIHD) surged 8% the provider of mobile communications services said it has named Juan Figuereo chief financial officer, effective Oct. 17. Figuereo replaces Gokul Hemmady, who was recently named the company’s chief operating officer.