US stocks close higher amid earnings, data

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IANS | 13 Apr, 2018
US stocks closed higher as investors digested latest corporate earnings reports and major economic data.

The Dow Jones Industrial Average on Thursday gained 293.60 points, or 1.21 per cent, to 24,483.05. The S&P 500 rose 21.80 points, or 0.83 per cent, to 2,663.99, Xinhua news agency reported.

The Nasdaq Composite Index was up 71.22 points, or 1.01 per cent, to 7,140.25.

BlackRock, the world's largest asset manager, reported first-quarter earnings and revenue on Thursday that surpassed expectations.

It reported diluted earnings per share of $6.68 in the first quarter and revenue of $3.58 billion. Shares of BlackRock rose 1.47 per cent to settle at $533.01 apiece.

Delta Air Lines reported quarterly earnings that beat estimates, despite rising costs. The company's adjusted diluted earnings per share reached $0.74 and its adjusted operating revenue hit $9.8 billion, up 8 per cent year on year. Shares of the airline rose 2.93 per cent to settle at $52.98 apiece.

Citigroup, J.P. Morgan Chase and Wells Fargo are among the companies scheduled to report Friday morning.

On the economic front, new applications for US unemployment benefits fell last week, pointing to sustained labor market strength.

In the week ending April 7, the advance figure for seasonally adjusted initial claims was 233,000, a decrease of 9,000 from the previous week's unrevised level of 242,000. The four-week moving average was 230,000, an increase of 1,750 from the previous week's unrevised average of 228,250, the Labor Department reported on Thursday.