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U.S. stocks rally amid upbeat earnings, economic data

Xinhua, August 12, 2016 Adjust font size:

U.S. stocks traded higher in the morning session Thursday as Wall Street digested a batch of generally positive earnings reports amid economic data.

By midday, the Dow Jones Industrial Average rose 130.22 points, or 0.70 percent, to 18,625.88. The S&P 500 added 11.22 points, or 0.52 percent, to 2,186.71. The Nasdaq Composite Index gained 26.28 points, or 0.50 percent, to 5,230.87.

Shares of Macy's Inc. rocketed over 17 percent around midday Thursday after the release of the U.S. retailer's better-than-expected quarterly results.

Before Thursday's opening bell, Macy's Inc. reported a net income of 11 million U.S. dollars, or three cents per share for the second fiscal quarter of 2016, compared with 217 million dollars, or 64 cents per share, for the same period last year.

Shares of Alibaba soared nearly 6 percent around midday Thursday following the release of the Chinese giant's stellar quarterly results.

On the economic front, in the week ending Aug. 6, the advance figure for seasonally adjusted initial claims was 266,000, a decrease of 1,000 from the previous week's revised level, the U.S. Labor Department announced Thursday.

The four-week moving average was 262,750, an increase of 3,000 from the previous week's revised average.

On Wednesday, U.S. stocks ended lower after wavering in a tight range as investors digested a string of earnings reports. Enditem