Party like it's 1999! Dow, S&P 500, Nasdaq all hit new highs
Stocks rallied and the Dow, S&P 500 and Nasdaq all hit new closing highs Thursday, bolstered by a strong earnings report from department store Macy's, fresh data showing the labor market remains solid and a rebound in oil prices.
It's the first time all three major market gauges have set new closing marks on the same day since 1999 — specifically, New Year's Eve of that year.
The Dow Jones industrial average is now at 18,613.52 after gaining 118 points, or 0.6%, on the day. At 2185.79, up 0.5%, is the S&P 500, which set its ninth record close of the year. Also notching a 0.5% gain: The Nasdaq composite, whose record closing high is now 5228.40.
Strong retail earnings boosted market sentiment. Shares of Macy's (M) soared 17.1% after the department store retailer posted better-than-expected quarterly profit and sales and said it plans to close 100 stories, or about 15% of its total stores. Kohl's (KSS) also topped profit forecasts, giving its shares a 16.2% bump to the upside.
In economic news , the Labor Department reported that the number of Americans filing for first-time jobless claims fell 1,000 to 266,000, which "points to healthy labor market conditions across the U.S.," according to Barclays.
Oil prices on the U.S. market also rebounded off lows for the day, and jumped $1.65, or 4%, to $43.37 a barrel.
The yield on the 10-year Treasury bond rose to 1.56%.
In Europe, stocks traded higher, with the broad Stoxx Europe 600 index gaining 0.8%.