The Dow closed up +85.33 (+0.65%) at 13,250.11.
Cisco shares jumped nearly 10 percent and Apple (AAPL) shares hit a new closing high of $636.34 offset the gloom from Wal-Mart (WMT).
I hope investors finally see we are in an uptrend, cause we need more of their money to drive my holdings higher.
I believe the money pouring out of Facebook Inc (FB), which fell to a new low of $19.69, is headed for my beloved Russell 2000 stocks. Facebook ended down 6.3 percent at $19.87. It’s time for rotation out of big cap into small cap.
Cisco Systems (CSCO) rose 9.6 percent to $19.02 after the company said it would hike its dividend 75 percent after strong earnings results late Wednesday. The dividend increase countered a gloomy outlook from Cicso on the debt crisis and recession in Europe.
Wal-Mart on the other hand shed 3.1 percent to $72.15. The world’s largest retailer posted a bigger-than-expected jump in quarterly profit but forecast full-year earnings that might fall short of Wall Street expectations.
Thus far, 468 companies in the S&P 500 have reported earnings through Thursday morning and 68 percent beat analysts’ expectations. That’s about the same rate as the past four quarters.
Housing starts unexpectedly dropped 1.1 percent last month as the industry continues to have trouble finding a footing, despite some recent signs of life in the sector.
The dollar was up against the euro and Japanese yen, but slipped against the British pound.
Oil for September delivery addded $1.27 to $95.60 a barrel.
Gold futures for December delivery gained $12.60 to $1,619.20 an ounce.
The price on the benchmark 10-year U.S. Treasury moved slightly higher, pushing the yield up to 1.84% from 1.81% late Wednesday.
Dow stocks hitting 52 week highs today included XOM, HD and MMM.