Stocks move higher; S&P 500 at record high
Source: AP-EXCITE
By KEN SWEET
NEW YORK (AP) — U.S. stocks were on pace for a fourth straight day of gains Thursday, putting the Standard & Poor's 500 index on track to beat its record high close set last month. Investors were encouraged by a report that the number of people seeking unemployment benefits remains at a multi-year low. Hewlett-Packard rose after delivering better results, while Sears plunged after reporting that its loss doubled from a year ago. Trading remains light with many investors out on vacation.
KEEPING SCORE: The Dow Jones industrial average was up 81 points, or 0.5 percent, to 17,060 as of 2:25 p.m. Eastern. The Standard & Poor's 500 index rose seven points, or 0.4 percent, to 1,993. That's six points above the record high of 1,987.98 it closed at on July 24. The Nasdaq composite was up four points, or 0.1 percent, at 4,531.
JOBS, JOBS, JOBS: Claims for unemployment benefits, a proxy for the number of people who lost their jobs and are looking for work, fell by 14,000 last week to 298,000. The less-volatile four-week average was 300,750, below the average before the Great Recession.
BANK LAWSUITS: Bank of America rose 48 cents, or 3 percent, to $16.01 after the company announced it had reached a $16.65 billion settlement with the Justice Department over its sale of mortgage-backed securities in the months leading up to the financial crisis. The settlement is by far the largest deal the Justice Department has reached with a bank over the 2008 mortgage meltdown.
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Trader Mario Innella, center, works on the floor of the New York Stock Exchange Thursday, Aug. 21, 2014. U.S. stocks are opening higher, pushing the Standard & Poor's 500 index closer toward another record high. (AP Photo/Richard Drew)
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