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Wall Street Snaps Short Losing Streak

Dow rises 153 points
By Newser Editors and Wire Services
Posted Jul 29, 2021 3:20 PM CDT
Wall Street Snaps Short Losing Streak
In this file photo, a man passes the New York Stock Exchange.   (AP Photo/Mark Lennihan, File)

(Newser) – Stocks rose on Wall Street Thursday as the latest government data showed continued economic growth and investors reviewed another batch of mostly positive corporate earnings reports, per the AP. The Dow rose 153 points to 35,084, the S&P 500 rose 18 points to 4,419, and the Nasdaq rose 15 points to 14,778. Of note: Online brokerage Robinhood made an underwhelming debut on the Nasdaq, falling below its offering price of $38, or the low end of its expected range. The stock was trading at $36.04, down 5.2%, in afternoon trading.

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Overall, though, gains were broad, with about 86% of the stocks in the benchmark S&P 500 rising. Technology companies made some of the biggest gains, along with a wide range of retailers and other consumer-oriented companies. Investors also got encouraging news on the broader employment picture, which has tended to lag the rest of the recovery. Claims for unemployment benefits dropped by 24,000 to 400,000 last week, the Labor Department reported. The upbeat economic data follows the Federal Reserve’s statement on Wednesday signaling that it will keep its support for the economy intact.

(Read more stock market stories.)

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