Stocks jumped on Thursday as Qualcomm and Best Buy boosted their profit outlooks and financials surged for a second day.
Financials led the S&P 500's advance, with shares of Citigroup Inc
Wireless chip maker Qualcomm Inc
Electronics retailer Best Buy Co
Best Buy gained 5.3 percent to $43.38, while shares of Corning
People are looking to earnings right now to see how consumers (are doing) and whether the recovery is taking hold, said Giri Cherukuri, head trader at OakBrook Investments LLC in Lisle, Illinois.
The Dow Jones industrial average <.DJI> was up 108.53 points, or 1.00 percent, at 10,944.68. The Standard & Poor's 500 Index <.SPX> was up 12.54 points, or 1.07 percent, at 1,180.26. The Nasdaq Composite Index <.IXIC> was up 31.78 points, or 1.32 percent, at 2,430.51.
Qualcomm's stock rose 6 percent to $42.61 after it raised its second-quarter earnings outlook.
Shares of Oracle
First-quarter earnings reports, due in the coming weeks, are forecast to show year-over-year gains.
Adding to the positive tone, data showed the number of U.S. workers filing new applications for unemployment insurance fell sharply last week.
Other financial shares with sharp gains included Bank of America
(Reporting by Caroline Valetkevitch; Editing by Jan Paschal)