Earnings gains, encouraging economic reports drive stocks higher; Oil boosts energy stocks

  • Updated: July 18, 2013 - 3:21 PM

NEW YORK — Stocks are closing at record level as investors were encouraged by earnings gains at major U.S. companies and good news on the economy.

Unemployment claims fell and manufacturing surged in the mid-Atlantic region.

Morgan Stanley rose 4 percent to $27.70 after reporting sharply higher earnings and a share buyback. Energy stocks jumped after oil shot to a 16-month high.

The Dow Jones industrial average rose 78 points, or 0.5 percent, to 15,548 Thursday, led by UnitedHealth Group and IBM.

The Standard & Poor's 500 rose eight, or 0.5 percent, to 1,689.

The Nasdaq edged up a point to 3,611, held back by Intel and eBay, which reported disappointing results.

Two stocks rose for every one that fell on the New York Stock Exchange. Volume was average at 3.4 billion shares.

  • get related content delivered to your inbox

  • manage my email subscriptions

ADVERTISEMENT

Connect with twitterConnect with facebookConnect with Google+Connect with PinterestConnect with PinterestConnect with RssfeedConnect with email newsletters

ADVERTISEMENT

Advertisement
Golden Gavel by Star Tribune

Countdown to great deals

Bid Sept. 21-29

ADVERTISEMENT

ADVERTISEMENT

ADVERTISEMENT

ADVERTISEMENT

ADVERTISEMENT

 
Close