CSX said it expects revenue to fall as much as 2% in 2019, well below a previous forecast of an increase of 1% to 2%.Marketsread more
Challenging conditions in the U.S. housing market, along with tighter currency controls by the Chinese government, cause a stunning drop in foreign demand for American homes.Real Estateread more
The growth in net interest income, a main engine of the industry's profit, looks to slow to a halt in the back half of this year.Banksread more
His case for gold comes as central banks get more aggressive with policies that devalue currencies and are about to cause a "paradigm shift" in investing.Marketsread more
Amazon also said that on Monday and Tuesday it sold more Amazon devices — like the Echo Dot, the Fire TV Stick and Alexa Voice Remote — over a two-day period than it ever has...Retailread more
Facebook's head of Calibra David Marcus faced skepticism from lawmakers at a House Financial Services hearing on its digital currency plans.Technologyread more
During a speech on "Medicare for All," Bernie Sanders will urge 2020 Democratic candidates to reject money from health care industries.2020 Electionsread more
The "'Cadillac tax," set to go into effect in 2022, is unpopular with both Republicans and Democrats, who say it punishes the middle class.Health and Scienceread more
The news comes after eBay announced a strategic portfolio review on March 1.The Faber Reportread more
If the S&P 500 climbs another 4%, it will have doubled the peak reached in the previous bull market, Michael Santoli notes.Trading Nationread more
Ascending triangle patterns have been appearing across the stock market, and they tend to be precursors to higher prices, says Miller Tabak's Matt Maley.Trading Nationread more
The Dow Jones industrial average rose sharply on Thursday, posting its sixth straight day of gains, following the release of weaker-than-expected U.S. inflation data.
Exxon Mobil and UnitedHealth were the best-performing stocks in the 30- stock index, which closed positive for 2018. The Dow rose 196.99 points to close at 24,739.53.
Meanwhile, the gained 0.9 percent to 2,723.07, with utilities and telecom both rising more than 1 percent. The Nasdaq composite advanced 0.9 percent to close at 7,404.97 as Apple reached an all-time high.
Technology shares also aided the broader indexes. The sector rose about 1.3 percent, as shares of Apple, Facebook, Amazon and Google-parent Alphabet all closed higher.
"Inflation is gradually rising, but it's less likely to feed into the volatility we've seen recently," said Mike Bailey, director of research at FBB Capital Partners. "I also think investors are looking at valuations and realize they are pretty reasonable."
The Labor Department said before the open its consumer price index rose 0.2 percent in April, with economists polled by Reuters expecting a 0.3 percent bump. The lighter-than-forecast number eased concerns about the Federal Reserve tightening monetary policy at a faster rate than the market is expecting.
"This was a far cry from the great leap many inflation alarmists have been fearing. We're still well within the Fed's 2% comfort level, so some will say we're right where we need to be," said Mike Loewengart, vice president of investment strategy at E-Trade, in an email. "Within the context of a strong economy that has been gaining momentum, this type of modest inflation growth is likely to be a crowd pleaser."
As of Thursday, market expectations for rate hikes in June and September are 100 percent and 76 percent, respectively, according to the CME Group's FedWatch tool. This is in line with the Fed's interest-rate projections released in March, when the central bank last raised rates.
The Labor Department also reported Thursday that weekly jobless claims remained near a 48-year low at 211,000.
Treasury yields slipped from multiyear highs following the data releases. The 10-year note yield fell to 2.966 percent after breaking above 3 percent on Wednesday.
The moves Thursday after U.S. stocks posted strong gains in the previous session, boosted by a strong uptick in crude futures. Oil prices have been on the rise since Tuesday, when the U.S. announced that it would be withdrawing from the Iran nuclear accord set in place in 2015.
Energy stocks have been rising along with oil. The sector is up more than 9 percent in the past month. But Derek Green, wealth adviser at Titus Wealth Management, said he would "fade" the rally at this point. "We're in the seasonal period where energy starts to peak," he said. "Moving forward, you want to get more defensive as we get closer to the midterm elections."
In corporate news, Booking Holdings dropped more than 4.5 percent after giving weaker-than-expected quarterly guidance. The company reported better-than-forecast earnings and revenue for the previous quarter, however.