US close: Markets higher on prospect of banking regulation review

(Sharecast News) - Wall Street indices finished in positive territory on Thursday,amid news that regulators were set to ease some rules on banks, although ongoing worries about the risk of a second pandemic wave lingered.
The Dow Jones Industrial Average ended the session up 1.18% at 25,745.60, the S&P 500 added 1.1% to 3,083.76, and the Nasdaq Composite was 1.09% firmer at 10,017.00.

A mixed batch of economic data did little to lift sentiment earlier in the session, with analysts pointing out the future near-term direction of the economy remained very much dependent on whether lockdowns could be lifted and how quickly.

According to the Department of Labor, over the week ending on 20 June, initial unemployment claims dropped by 60,000 to 1.48 million.

Economists had forecast a larger drop to 1.25 million.

Initial unemployment claims in Arizona soared by 31.8% while in Pennsylvania they rose by 7.6%.

Meanwhile, orders for goods made to last more than three years jumped in May, nearly reversing the previous month's sharp fall.

US durable goods orders grew at a month-on-month pace of 15.8% to reach $187.59bn, against consensus forecasts for a rise of 12%.

Elsewhere, the US trade deficit in goods widened at a 5.1% month-on-month pace in May to reach $74.3bn, instead of narrowing to $68.3bn as anticipated.

"Sentiment has been going back and forth today as traders can't make up their minds in relation to which way to turn," said CMC Markets analyst David Madden.

"The pandemic is still an issue as states like Texas are still seeing an increase in cases. The initial jobless claims reading fell to 1.48 million from 1.54 million in the previous week, but economists were expecting 1.3 million.

"The continuing claims level slipped to 19.52 million from 20.28 million."

Madden said it was clear the number of people returning to the workforce was "relatively small", considering the reopening of the economy.

"The durable goods update for May showed growth of 15.8%, and that was a huge rebound from the fall of 18.1% in the previous month.

"The levels of pent-up demand were clearly high," he said, adding: "the final reading of first quarter GDP was -5%, meeting forecasts."

The KBW Bank Index was 1.18% higher after Bloomberg reported that the FDIC and the might soon ease restrictions on lenders using their balance sheets to invest in companies or financial assets, and as regards their required levels of reserves.

In equities, pharmacy retailer Rite Aid was up 26.57% after it posted a first-quarter loss that was smaller than expected, while department store giant Macy's was off 4.13% after it announced the culling of 3,900 management positions and a $180m restructuring charge.

Casual dining operator Darden Restaurants, which owns the ubiquitous Olive Garden brand, was 5.34% firmer after its first quarter sales came in just shy of analyst expectations.

Ekso Bionics rocketed 135.32% after it confirmed it had received clearance from the Food and Drug Administration to market its 'EksoNR' robotic exoskeleton for use in brain injury patients.

Dow Jones - Risers

Goldman Sachs Group Inc. (GS) $207.10 4.59%
JP Morgan Chase & Co. (JPM) $97.96 3.49%
American Express Co. (AXP) $97.82 2.48%
Unitedhealth Group Inc. (UNH) $296.22 2.43%
International Business Machines Corporation (CDI) (IBM) $119.03 2.24%
Caterpillar Inc. (CAT) $124.69 2.17%
Walgreens Boots Alliance, Inc. (WBA) $42.04 2.11%
Chevron Corp. (CVX) $89.21 1.79%
3M Co. (MMM) $154.67 1.61%
Travelers Company Inc. (TRV) $114.62 1.56%

Dow Jones - Fallers

Raytheon Technologies Corporation (RTX) $61.06 -1.07%
Boeing Co. (BA) $174.88 -1.02%
Intel Corp. (INTC) $58.51 -0.98%
McDonald's Corp. (MCD) $182.76 -0.83%
Walt Disney Co. (DIS) $111.36 -0.63%
Walmart Inc. (WMT) $119.71 -0.49%
Home Depot Inc. (HD) $245.38 -0.30%
Johnson & Johnson (JNJ) $139.67 -0.11%
Dowdupont Inc. (DWDP) $30.52 0.00%
Pfizer Inc. (PFE) $32.32 0.40%

S&P 500 - Risers

National Oilwell Varco Inc. (NOV) $12.29 9.83%
Accenture Plc (ACN) $217.03 7.67%
Pioneer Natural Resources Co. (PXD) $97.70 6.01%
Ameriprise Financial Inc. (AMP) $151.55 6.01%
Dxc Technology Company (DXC) $15.91 5.78%
LyondellBasell Industries (LYB) $64.00 5.54%
Flowserve Corp. (FLS) $27.22 5.50%
Unum Group (UNM) $16.35 5.42%
Darden Restaurants Inc. (DRI) $74.59 5.34%
Citizens Financial Group, Inc. (CFG) $25.26 4.90%

S&P 500 - Fallers

H&R Block Inc. (HRB) $14.10 -5.11%
Cabot Oil & Gas Corp. (COG) $17.17 -4.19%
Macy's Inc. (M) $6.50 -4.13%
Nordstrom Inc. (JWN) $15.37 -3.76%
PulteGroup Inc. (PHM) $32.58 -3.72%
Kohls Corp. (KSS) $19.91 -3.54%
Ross Stores Inc. (ROST) $84.27 -3.19%
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $194.20 -2.90%
Molson Coors Beverage Co. Class B (TAP) $35.58 -2.52%
Gap Inc. (GPS) $10.16 -2.50%

Nasdaq 100 - Risers

Workday, Inc. (WDAY) $186.26 3.44%
Dollar Tree Inc (DLTR) $93.11 3.34%
Cognizant Technology Solutions Corp. (CTSH) $55.59 3.33%
Biomarin Pharmaceutical Inc. (BMRN) $124.22 2.98%
Nvidia Corp. (NVDA) $379.60 2.76%
Paypal Holdings Inc (PYPL) $172.50 2.68%
Tesla Inc (TSLA) $985.98 2.62%
Idexx Laboratories Inc. (IDXX) $327.39 2.51%
Regeneron Pharmaceuticals Inc. (REGN) $619.96 2.47%
Mylan Inc. (MYL) $16.38 2.25%

Nasdaq 100 - Fallers

Ross Stores Inc. (ROST) $84.27 -3.19%
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $194.20 -2.90%
Wynn Resorts Ltd. (WYNN) $73.56 -2.19%
Dish Network Corp. (DISH) $33.87 -1.57%
Qurate Retail Inc. (QRTEA) $8.93 -1.16%
Marriott International - Class A (MAR) $84.04 -1.13%
NortonLifeLock Inc. (NLOK) $19.53 -1.06%
Intel Corp. (INTC) $58.51 -0.98%
Citrix Systems Inc. (CTXS) $140.89 -0.90%
Liberty Global plc Series A (LBTYA) $21.83 -0.84%