U.S. stocks rose for a third straight day on Thursday as investors viewed company results and manufacturing data as evidence the economic rebound will continue.
Investors accentuated the positive news, focusing on improved mid-Atlantic manufacturing data and setting aside a lackluster outlook from Wal-Mart Stores Inc
News on the economy was mixed, said Jim Awad, managing director at Zephyr Management New York. There's a tug of war, with a slight upward bias based on a moderate cyclical recovery on the economy.
The Dow Jones industrial average <.DJI> rose 83.66 points, or 0.81 percent, to 10,392.90. The Standard & Poor's 500 Index <.SPX> added 7.24 points, or 0.66 percent, to 1,106.75. The Nasdaq Composite Index <.IXIC> gained 15.42 points, or 0.69 percent, to 2,241.71.
Government reports showing higher-than-expected weekly applications for jobless insurance and higher producer prices in January were more than offset by data showing gains in the Philadelphia Fed's business activity index and a 10th straight monthly rise in the Conference Board's index of leading economic indicators.
Wal-Mart held down gains after the world's largest retailer forecast results for the current quarter that could miss Wall Street's estimates, hinting at caution among consumers. Shares fell 1.1 percent.
HP shares gained 1.4 percent to $50.81 on the New York Stock Exchange, while the tech-heavy Nasdaq rose for a fifth consecutive session.
Shares of natural resources companies, including miners, were among the biggest gainers, followed by major manufacturers. The S&P materials index <.GSPM> jumped 1.2 percent. Aircraft maker Boeing Co
Cliffs Natural Resources Inc
Shares of online travel agency Priceline.com Inc
On the downside of earnings results, WellCare Health Plans Inc
About 7.24 billion shares were traded on the New York Stock Exchange, the American Stock Exchange and Nasdaq, below last year's estimated daily average of 9.65 billion.
Advancing stocks outnumbered declining ones on the NYSE by a ratio of about 9 to 4, while on the Nasdaq about seven stocks rose for every five that fell.
(Editing by Kenneth Barry)