U.S. stocks rose on Thursday after several companies reported solid earnings that lent credence to the idea corporate profitability has stabilized.
Financials were among the top gainers after insurer Travelers Cos Inc
Shares of J Crew Group Inc
J Crew led retailers higher, with the S&P retail index <.RLX> up 1.7 percent.
Stocks have been slowly inching their way up. Financials
have clearly been an outperformer after being a leader on the downside yesterday, said Michael James, senior trader at Wedbush Morgan in Los Angeles.
We've had strength all day on retailers with J Crew pre-announcing much better numbers this morning, James said.
Dow components 3M Co
The Dow Jones industrial average <.DJI> rose 131.95 points, or 1.33 percent, to end at 10,081.31. The Standard & Poor's 500 Index <.SPX> gained 11.51 points, or 1.06 percent, to 1,092.91. The Nasdaq Composite Index <.IXIC> added 14.56 points, or 0.68 percent, to 2,165.29.
Regional bank PNC Financial Services Group Inc
The S&P financial index <.GSPF> added 2.9 percent and the KBW Bank Index <.BKX> jumped 3.4 percent.
Blue-chip 3M also raised its full-year outlook, sending its shares up 3.2 percent to $78.79. Travelers rose 7.7 percent to $51.70.
Shares of home builders also ranked among the top gainers, with the Dow Jones U.S. home construction index <.DJUSHB> up 5.3 percent. Shares of KB Home
The New York Times Co
On the down side, Union Pacific Corp
(Editing by Jan Paschal)