Markets

Here's what happened to the stock market on Thursday

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Specialist trader Michael Pistillo Jr. wears a dow 23,000 hat, after the dow briefly traded above 23,000, at his post on the floor of the New York Stock Exchange in New York, October 17, 2017.
Brendan McDermid | Reuters

Dow Jones Industrial Average rises 137 points

The Dow gained 137.68 points, or 0.49% to end the day at 28,376.96. The S&P 500 climbed 0.45% to 3,205.37. The Nasdaq Composite advanced 0.67% to close at 8,887.22. Stocks jumped to record highs once again as investors shrugged off President Donald Trump's impeachment and disappointing economic data.

Trump impeachment? No problem

Wall Street was able to look past President Donald Trump's impeachment in the House since the odds of the Republican-led Senate convicting him are so slim. "It's fairly obvious that there just not going to be a removal," remarked one investor on Thursday. Meanwhile, the disappointing jobless claims and business conditions data from the Philadelphia Federal Reserve did not deter investors from thinking the U.S. economy is still strong. Bottom line, the biggest obstacles the market faced throughout 2019 have subsided for now.

Conagra has best day in 35 years

Conagra shares skyrocketed 15.87% on the back of strong quarterly results and notched their best day since November 1984. Micron Technology also got a 2.81% boost from earnings that beat analyst expectations.

What happens next?

Consumer spending data along with key inflation numbers are scheduled for release on Friday. CarMax and Carnival are also slated to report earnings. Read more here.

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