U.S. stocks rallied for a fourth day on Thursday after JPMorgan's robust results added to growing optimism about the quarterly earnings season and technology shares rose in anticipation of more good news.
Gains in International Business Machines Corp
IBM rose 3.2 percent to $110.64 and provided the Dow's biggest boost during the regular session. The stock climbed 2.9 percent in extended trade after it released its quarterly results.
As the market rallies, implicit in that is the expectation that we'll continue to see a recovery in corporate profits, said Dean Curnutt, president of Macro Risk Advisors in New York.
JPMorgan Chase & Co
Better-than-expected results from Goldman Sachs
The Dow Jones industrial average <.DJI> rose 95.61 points, or 1.11 percent, to 8,711.82. The Standard & Poor's 500 Index <.SPX> gained 8.06 points, or 0.86 percent, to 940.74. The Nasdaq Composite Index <.IXIC> advanced 22.13 points, or 1.19 percent, to 1,885.03.
Comments from leading economist Nouriel Roubini further boosted sentiment after he said the worst is past in terms of economic and financial conditions.
Shares of Qualcomm Inc
On the economic front, government data showed the number of U.S. workers filing new claims for jobless benefits fell last week to their lowest level since January, but the seasonally adjusted data was amplified by earlier auto industry plant shutdowns.
A separate report showed factory activity in the U.S. Mid-Atlantic region shrank for the 10th consecutive month in July, a worse-than-expected decline that raised questions about the speed of the economic recovery.
(Editing by Jan Paschal)