Stocks Ended Higher on Economic Data

U.S.stocks ended higher on Thursday, as economic data on the U.S. labor and housing markets came in better than expected, offsetting worries over trade. The Dow Jones Industrial Average rose 214.66 points, or 0.84%, to 25,862.68. The S&P 500 added 25.36 points, or 0.89%, to 2,876.32. The Nasdaq Composite gained 75.90 points, or 0.97%, to 7,898.05.

Oil futures climbed Thursday, as investors focused on still percolating Middle East tensions. West Texas Intermediate crude for June delivery rose 85 cents, or 1.4%, to settle at $62.87 a barrel. July Brent added 85 cents, or 1.2%, to $72.62 a barrel.

New jobless claims fell less-than-expected to a seasonally adjusted 212,000 for the week ending May 16, the Department of Labor reported Thursday. This was 8,000 more than expected.

Housing starts rose by a seasonally adjusted annual rate of 1.235 million in April, the Commerce Department reported Thursday. This topped expectations for 1.209 million privately owned housing starts, according to consensus economists polled by Bloomberg.

Graphics and data center chipmaker Nvidia (NVDA) announced Q1 fiscal 2020 earnings on Thursday, beating analysts’ expectations. The company reported revenue of $2.2 billion, in line with analysts’ expectations. Earnings per share came in at $0.88 versus analysts’ estimates of $0.81 per share.

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