Dow Jones Industrial Average edges to new highs.
US stocks rose on Thursday, with the Dow Jones Industrial Average (NYSEARCA:DIA) extending record highs ahead of a deluge of economic data and corporate earnings in the final session of the week.
The blue-chip index rose 0.1% to close at 21,553.09, its second consecutive record high.
The broader S&P 500 Index (NYSEARCA:SPY) gained 0.1% to 2,447.83, with six of 11 sectors finishing higher.
Meanwhile, the technology-heavy Nasdaq Composite Index (NYSEARCA:QQQ) edged up 0.2% to a new record high of 6,247.44.
A measure of implied volatility known as the CBOE VIX (NYSEARCA:VXX) edged lower on Thursday, signaling prevailing calm on Wall Street. The VIX closed down 3.9% to 9.90, after having reached an intraday low of 9.93.
Oil prices continued higher, with US futures climbing $46.00 a barrel in intraday trade. Prices consolidated at $45.99 a barrel, having gained 1.1%. Brent contracts added 1.3% to $48.37 a barrel.
In economic data, US producer prices unexpectedly rose last month, as higher service costs offset declining energy prices. The Labor Department said on Thursday its producer price index (PPI) edged up 0.1% in June after being unchanged the previous month. In annualized terms, PPI climbed 2%.
Initial jobless claims for the week ended July 8 fell by 3,000 to a seasonally adjusted 247,000, the Labor Department said in a separate report. That marked the 123rd straight week that claims were below 300,000 – a key threshold of labor market.
The Final Word: Investors are gearing up for an active session on Friday, with reports on consumer inflation and retail sales. A triad of bank earnings will also make headlines in the unofficial kickoff to earnings season.