Stocks Ended Higher on Economic Data
U.S. stocks rose on Thursday after a string of positive U.S. reports provided some optimism that the economic recovery is still underway. The Dow Jones Industrial Average jumped 136.16 points, or 1.04%, to 13,232.62. The S&P 500 Index rose 15.43 points, or 1.09%, to 1,427.59. The Nasdaq Composite added 42.83 points, or 1.44%, to 3,020.06.
Consumer confidence in October rose to its highest level in four years, boosted by improvements in the job market. The closely watched index, which measures how Americans feel about the economy, edged higher to a reading of 72.2 from a downwardly revised 68.4 in September, according to The Conference Board, a business research firm.
Starbucks (SBUX) reported earnings of $0.46 per share, ahead of estimates of $0.45. The company posted sales of $3.4 billion, slightly ahead of estimates of $3.38 billion. The company also boosted its full- year 2013 earnings forecast to a range of $2.06-2.15 per share, which brings it in line with consensus estimates of $2.13 per share.
Yelp Inc.(YELP) on Thursday reported a third-quarter loss of $2 million, or 3 cents a share, on revenue of $36.4 million. During the same period a year ago, the online review and recommendation company lost $3.8 million, or 24 cents a share, on sales of $22.3 million.