NEW YORK (CNNMoney)
The S&P 500 topped 1,700 for the first time ever, while the Dow Jones industrial average also hit a record high. Both indexes jumped 0.8%, while the Nasdaq gained 0.9%.
Stocks have been driven by positive economic news this week and Thursday was no different.
The Labor Department reported that the number of Americans filing first-time claims for unemployment benefits fell to a five-year low. That's good news ahead of the government's monthly jobs report on Friday.
Still to come, the Institute for Supply Management will release its monthly manufacturing sentiment index, while the Census Bureau will issue data on construction spending.
Major automakers will also release their monthly sales results throughout the day.
Investors were also calmed by indications that the Federal Reserve will not be too hasty when scaling down its massive bond-buying program.
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On the corporate front, Procter & Gamble (PG, Fortune 500) reported better-than-expected earnings and sales for its fiscal fourth quarter.
Exxon Mobil (XOM, Fortune 500) reported quarterly earnings that fell short of forecasts, citing weaker refining margins, while revenue topped estimates.
Royal Dutch Shell (RDSA) reported earnings and revenue that missed estimates. The company cited higher costs, exploration charges and challenges in Nigeria, where oil thefts and supply disruptions have hit Shell's bottom line.
Barrick Gold Corp. (ABX) booked a quarterly charge of $8.7 billion in the second quarter, driven by falling gold prices.
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Shares of DirecTV (DTV, Fortune 500) fell after the satellite television provider posted earnings that widely missed forecasts. LinkedI (LNKD)n is due after the close.
Son (SNE)y reported first-quarter results showing a 13% jump in sales compared with the same quarter a year earlier. The revenue boost was largely the result of a weaker yen and stronger smartphone sales.
Yelp (YELP) shares jumped 20% after the online review site reported a smaller-than-expected quarterly loss late Wednesday.
Shares of J.C. Penne (JCP, Fortune 500)rebounded following a 10% sell-off Wednesday. The retailer issued a statement early Thursday disputing reports that CI h (CIT, Fortune 500)ad cut off some of the credit to its suppliers due to concerns about Penney's ability to pay them.. However, an analyst for Citigroup cut her recommendation on the stock to a "sell" from "neutral."
Overall, U.S. stocks finished largely unchanged Wednesday. But the markets surged in July. All three major indexes gained between 4% and 7%.
First Published: August 1, 2013: 9:49 AM ET
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