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NEW YORK (Reuters) – Stocks rose for the third straight day on Thursday, sparked by results from Bank of America and Morgan Stanley and as the latest jobless claims dropped to a near four-year low.
The SP 500 hit a fresh five-month high, with the industrials, consumer discretionary stocks and financials leading gains.
Tech shares advanced ahead of earnings from a number of bellwethers expected after the close.
But reports after the bell were mixed. Google (GOOG.O) fell short of Wall Street’s lofty expectations, and its shares dropped 10 percent to $575.50.
“Google was the big disappointment because so much of their emphasis is developing products, specifically Android, where more dollars are going out than they anticipated,” said Kim Forrest, senior equity research analyst at Fort Pitt Capital Group in Pittsburgh.
In the regular session, Bank of America Corp (BAC.N) climbed 2.4 percent to $6.96 after it reported it swung to a fourth-quarter profit from a year-ago loss. Morgan Stanley (MS.N) reported a loss
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