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S&P 500 gains for fourth day to match year’s longest win streak, Dow jumps 300 points


U.S. stocks rose on Thursday as Wall Street looked to extend a modest winning streak.

The Dow Jones Industrial Average gained 225 points, or about 8%. The S&P 500 added 1.2%, while the Nasdaq Composite gained nearly 2%. The S&P 500, which sits about 20% off its record high, is looking for its first four-day winning streak since late March.

Energy stocks were among those leading the gains on Thursday, reversing some recent losses as oil prices rebounded. Chevron rose 2.5%, while Exxon jumped more than 3%.

Freeport-McMoRan and Nucor rose 6.6% and 5%, respectively, as commodity stocks climbed.

Chipmakers boosted the tech sector after South Korea’s Samsung posted an 11% jump in profit and 21% surge in revenue for the latest period on strong sales of memory chips. Shares of AMD and Nvidia gained 4% and 3%, respectively.

If the S&P 500 closes higher, it will match its longest winning streak of the year, according to Bespoke Investment Group.

“There’s not necessarily much conviction in this move, but it is nice to see that, in the absence of new negative news, that markets are bouncing off of short-term oversold levels,” said Angelo Kourkafas, investment strategist at Edward Jones.

Another notable mover was GameStop, which popped 10% after the video game retailer said a 4-for-1 stock split was approved by its board.

Solar stocks also outperformed, with Sunrun gaining 7%.

On the economic front, initial jobless claims and continuing claims both ticked up slightly last week. The U.S. trade deficit for May came in slightly higher than expected at $85.5 billion but was still down month over month.

The Labor Department’s official jobs report is due out on Friday.

“With anecdotes of Tech sector layoffs and hiring freezes, sub-50 readings in the Employment
Components of the most recent ISM Manufacturing and Services surveys, and rising unemployment claims (albeit from extremely low levels), Friday’s Jobs report will hold particular significance,” Credit Suisse chief U.S. equity strategist Jonathan Golub said in a note to clients.

On Wednesday, the S&P 500 posted its third straight day of gains following the release of the June meeting minutes from the Federal Reserve. The broader market index added nearly 0.4%. Meanwhile, the Dow gained more than 69 points, or 0.2%. The Nasdaq Composite rose close to 0.4%.

Central bank officials reiterated a tough stance against inflation, saying another 50- or 75-basis point move would “likely be appropriate” at the July 26-27 meeting.

Meanwhile, Levi Strauss is set to report earnings Thursday after the bell. Many investors and strategists have pointed to the busy earnings calendar later this month as a key test for markets.

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