U.S. stocks jumped on Thursday, pushing the S&P 500 up for a fourth day, as economic data boosted confidence in the recovery and strong results from Cisco Systems
The market's advance was broad-based, and the Dow ended above 10,000 for the first time in two weeks.
Shares of Cisco, which makes computer network equipment, rose 2.8 percent to $23.93 and helped lead the session's gains, a day after it posted a stronger-than-expected profit and said business was recovering.
Data showed U.S. non-farm productivity rose more than expected in the third quarter as companies squeezed more output from a smaller pool of labor. A separate report showed fewer U.S. workers filed new jobless insurance claims than forecast last week -- hitting a 10-month low.
The claims report boosted investor sentiment, and created some anticipation that maybe tomorrow's employment report may be better than expected, said Peter Jankovskis, co-chief investment officer at OakBrook Investments LLC in Lisle, Illinois.
The U.S. government is scheduled to release its key monthly jobs report Friday morning, with economists polled by Reuters forecasting a loss of 175,000 jobs in October, sharply below the 263,000 jobs cut in the previous month. But the U.S. unemployment rate is forecast to rise to 9.9 percent in October from September's rate of 9.8 percent, which was a 26-year high.
The Dow Jones industrial average <.DJI> jumped 203.82 points, or 2.08 percent, to end at 10,005.96. The Standard & Poor's 500 Index <.SPX> gained 20.13 points, or 1.92 percent, to 1,066.63. The Nasdaq Composite Index <.IXIC> rose 49.80 points, or 2.42 percent, to close at 2,105.32.
CAFFEINE SHOT AFTER THE BELL
After the bell, shares of coffee chain operator Starbucks Corp
During the regular session, tech stocks climbed across the board, with the NYSE Arca Network index <.NWX> up 2.1 percent, while the PHLX Semiconductor index <.SOXX> advanced 2.6 percent.
Shares of DuPont
In deal news, IMS Health Inc
On the downside was CVS Caremark Corp
U.S. retail chains reported October sales that rebounded from the lows in the previous year, but more than half missed Wall Street's increased expectations as consumers spend selectively headed into the holiday season.
The S&P retail index <.RLX> rose 1.8 percent.
Volume was below average on the New York Stock Exchange, with 1.30 billion shares changing hands, below last year's estimated daily average of 1.49 billion, while on the Nasdaq, about 2.25 billion shares traded, just below last year's daily average of 2.28 billion.
Advancing stocks outnumbered declining ones on the NYSE by a ratio of 5 to 1, while on the Nasdaq, about seven stocks rose for every two that fell.
(Additional reporting by Chuck Mikolajczak; Editing by Jan Paschal)