U.S. stocks closed high Thursday as earnings from Hewlett-Packard exceeded expectations and pushed up the technology sector and new reports from the Philadelphia Fed suggested manufacturing as the recovery’s bright spot.
Domestic stock futures slipped after hours following the U.S. Federal Reserve decision to increase the lending rate for emergency loans from 0.50 percent to 0.75. The emergency interest rate has stayed low for nearly two years as part of dramatic measures put in place to insulate the economy following the crash. While the after hours drop in stock futures do may not be wholly indicative of tomorrow’s activity it’s likely that the week’s streak of gains will end tomorrow.
For Thursday, the Dow Jones Industrial Average rose 83.66 points, or 0.81 percent to 10392.90, it’s peak closing number on record since Jan. 20. The tech-laden Nasdaq Composite tacked on 15.42, or 0.69 percent, to 2241.71, marking its fifth straight day closing the black. The Standard & Poor's 500 index, led by industry and materials, also rose, adding on 7.24 points, or 0.66 percent, to 1106.75.
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