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STOCK MARKET TODAY: S&P 500 HAS ITS BEST DAY SINCE 2022 AS STOCKS RALLY AFTER
ENCOURAGING LABOR MARKET DATA


Kelly Cloonan
Aug 8, 2024, 10:23 AM HST
Kelly Cloonan
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Julia La Roche for Business Insider
 * US stock indexes soared on Thursday as new jobless claims data raised
   investors' confidence.
 * The Dow rallied 683 points, while the S&P 500 and Nasdaq rose 2.3% and 32.8%,
   respectively.
 * The S&P 500 enjoyed its best day since 2022, clawing back losses from
   Monday's big sell-off.

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US stocks rallied on Thursday, clawing back losses from the rout earlier in the
week as new jobs data boosted investors' confidence in the labor market and the
economy.

The S&P 500 jumped 2.3% for its best day since November 2022. The Nasdaq
Composite spiked 2.8% and the Dow Jones Industrial Average.

The 10-year Treasury yield ticked up two basis points to 3.98%, dipping slightly
throughout the day after jumping above 4% earlier in the day.

Fueling Thursday's gain was a drop in weekly jobless claims that soothed fears
of an imminent recession after last week's surprise jump in the unemployment
rate.

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Jobless claims last week dropped 17,000 to 233,00, marking the biggest fall in
almost a year. The encouraging data comes after last week's disappointing
nonfarm payroll report for July led to a historic selloff and sparked concerns
of a recession.

The information technology sector led the S&P 500's rise, up 3.5%, while
communication services also notched strong gains.

Pharmaceuticals giant Eli Lilly soared 14% after reporting strong earnings in
its most recent quarter, helped by big demand for its GLP-1 weight loss drugs.
The company's quarterly revenue of $11.30 billion beat analyst estimates of
$9.98 billion, and the company raised its annual revenue outlook.

"We just see unbelievable demand, and we're not even trying that hard to promote
this drug. We're not advertising, we told our sales reps to basically just
service customers, don't promote," CEO David Ricks said in an interview with
CNBC on Thursday.

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Next week, investors will be tuned into the latest inflation data, with July's
consumer price index scheduled to be released on August 14. The data will be the
next big input for bets on Fed policy for the rest of the year.

Here's where US indexes stood at the 4:00 p.m. closing bell on Thursday:

 * S&P 500: 5,319.30, up 2.3%
 * Dow Jones Industrial Average: 39,446.82, up 1.76% (+683.30 points)
 * Nasdaq composite: 16,660.02, up 2.87%

Here's what else is going on today:

Advertisement

 * There are two factors that will shape the stock market for the rest of the
   year.
 * The S&P 500 has an 83% accuracy rate in determining the outcome of
   presidential elections. Here's what to watch.
 * Palantir soared after announcing a deal with Microsoft to sell AI tools to US
   defense and intelligence agencies.
 * The mortgage lock-in effect shaved $20 billion off the US economy last year.
 * China's imports last month surged 7.2% year-over-year as the country moves to
   stockpile tech ahead of trade restrictions, BofA said.

In commodities, bonds, and crypto:

 * West Texas Intermediate crude oil rose 1% to $76.04 a barrel. Brent crude,
   the international benchmark, ticked higher 0.9% to $79.02 a barrel.
 * Gold traded higher at $2,463.30
 * The 10-year Treasury yield rose two basis points to 3.98%
 * Bitcoin rose 8% at $59,549.



Read next


MI Exclusive Stock Market Today Eli Lilly
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Your Market View

NAME / PRICE + / - % DATE

TSLA
183.62
1.44 0.79
08/09/24
1:13 AM


AAPL
194.44
-0.62 0.32
08/09/24
12:50 AM


MSFT
370.85
2.10 0.57
08/09/24
1:32 AM


NFLX
580.30
15.00 2.65
08/08/24
11:09 PM


SPOT
338.32
14.98 4.63
08/08/24
10:15 AM


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