U.S. stocks jumped on Thursday after strong results from Cisco lifted technology stocks, and an expansion in business productivity and a fall in jobless claims encouraged investors about the economy.
Technology bellwether Cisco
U.S. non-farm productivity rose more than expected in the third quarter as companies squeezed more output from a smaller pool of labor, while fewer U.S. workers filed new jobless insurance claims than forecast last week -- hitting a 10-month low.
Cisco results are being taken seriously by Wall Street and it has confirmed the strong upward trend ... their positive outlook and good access to the global environment is helping the overall market, said Brad Sorensen, director of market analysis at the Schwab Center for Financial Research.
The Dow Jones industrial average <.DJI> ran up 181.98 points, or 1.86 percent, at 9,984.12. The Standard & Poor's 500 Index <.SPX> was up 17.31 points, or 1.65 percent, at 1,063.81. The Nasdaq Composite Index <.IXIC> was up 46.35 points, or 2.25 percent, at 2,101.87.
Other technology stocks also advanced. Intel Corp
Shares of IMS Health Inc
But CVS Caremark Corp
U.S. retail chains reported October sales that rebounded from the lows of a year ago, but many failed to surpass Wall Street's increased expectations as consumers spend selectively headed into the holiday season. The S&P retail index <.RLX> rose 1.9 percent.
(Reporting by Angela Moon, Editing by Jan Paschal)