NEW YORK (AP) — U.S. stocks climbed Thursday as industrial companies, banks, technology and materials firms, and energy companies all rallied. A strong day of corporate results left investors feeling better about the economy.
For more than a week investors have been poring through company earnings for signs the economy is growing at a faster pace, and on Thursday they felt they found it. Railroad operator CSX gave transportation companies like railroads and airlines a big boost while Sherwin-Williams raised its annual projections and helped basic materials makers go higher.
It's still early in this round of earnings reports and a few high-profile companies have disappointed Wall Street this week, so stocks have wobbled recently. However, for the most part experts and investors are encouraged by what they're hearing.
The Standard & Poor's 500 index advanced 17.67 points, or 0.8 percent, to 2,355.84. The Dow Jones industrial average rose 174.22 points, or 0.9 percent, to 20,578.81.
The Nasdaq composite gained 53.74 points, or 0.9 percent, to an all-time high of 5,916.78. The Russell 2000 index of smaller-company stocks added 17.02 points, or 1.2 percent, to 1,384.15.