US stocks continue scaling new heights, jump during early trade
|US stocks witnessed yet another positive opening on Thursday, with all the three major indices building on their momentum into record territory.
Today's early up-move followed overnight strong gains, led by the perceived dovish FOMC statement and was further supported by positive corporate earnings reports that justified the relatively expensive stock valuations.
During the opening hour of trade, the Dow Jones Industrial Average gained over 50-points to 21,763, while the broader S&P 500 Index added 3-points to 2,481. Meanwhile, tech-heavy Nasdaq Composite Index climbed nearly 30-points to 6,450 level and the relative outperformance could be attributed to a strong showing by the social media giant Facebook on upbeat quarterly earnings report.
Among other individual movers, shares of Twitter tumbled nearly 14% after reporting lackluster user growth, while Verizon Communications surged over 6% post results. Amazon.com is scheduled to report its quarterly results, along with Expedia, Intel Corp. and Starbucks Corp.
On the economic data front, weekly jobless claims rose more than expected for the week ended July 21. Separately durable goods orders soared 6.5% in June and remained supportive of the prevailing bullish sentiment.
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