The Dow Jones Industrial Average rallied 300 points Thursday after initial unemployment claims data from the Labor Department exceeded estimates. And Tesla stock surged as Morgan Stanley reiterated an overweight rating with a reduced price target.
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Weekly unemployment figures showed first-time claims rose to 225,000 vs. 216,000 in the previous week, higher than Econoday estimates for a rise to 222,000. Claims have been up and down in recent weeks, but generally trending lower since a mid-November high of 241,000.
On the earnings front, chicken egg distribution giant Cal-Maine Foods (CALM) reported Wednesday after the close. Shares declined more than 4% in morning trade. CALM stock ended Wednesday below a 62.74 buy point after two days of losses.
Electric-vehicle leader Tesla (TSLA) raced almost 7% higher Thursday as Morgan Stanley affirmed its overweight rating on the stock, despite a price target cut. Dow Jones tech leaders Apple (AAPL) and Microsoft (MSFT) traded higher after today’s stock market open.
Cardinal Health (CAH), Medpace (MEDP), IBD Leaderboard stock Neurocrine Biosciences (NBIX) and Texas Roadhouse (TXRH) — as well as Dow Jones names Amgen (AMGN), Caterpillar (CAT) and Chevron (CVX) — are among the top stocks to consider for investor watchlists. Keep in mind the recent market weakness should keep investors on the sidelines.
Neurocrine is an IBD Leaderboard stock. Caterpillar and Medpace were recent IBD Stock Of The Day companies. And Cardinal Health is featured in this week’s Stocks Near A Buy Zone column.
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Dow Jones Today: Oil Prices, Treasury Yields
After Thursday’s opening bell, the Dow Jones Industrial Average moved up 0.9%, and the S&P 500 gained 1.4%. The tech-heavy Nasdaq composite rallied 1.8% in morning action.
Among U.S. exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) rose 1.1% and the SPDR S&P 500 ETF (SPY) moved up 0.8% early Thursday.
The 10-year Treasury yield ticked lower to 3.86%…
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