Following the market opening Thursday, the Dow traded up 0.58 percent to 23,987.48 while the NASDAQ climbed 0.59 percent to 6,990.42. The S&P also rose, gaining 0.61 percent to 2,620.83.
Leading and Lagging Sectors;
Thursday morning, the energy shares gained 1.27 percent. Meanwhile, top gainers in the sector included C&J Energy Services, Inc. CJ 7.13%, up 6 percent, and ION Geophysical Corporation IO 5.71%, up 5 percent.
In trading on Thursday, consumer discretionary shares fell 0.13 percent.
Constellation Brands, Inc. STZ 3.37% reported better-than-expected earnings for its fourth quarter.
Constellation Brands reported adjusted earnings of $1.90 per share on revenue of $1.77 billion. However, analysts were expecting earnings of $1.74 per share on sales of $1.75 billion.
Constellation Brands now expects FY19 adjusted earnings of $9.40-$9.70 per share, versus analysts’ estimates of $9.58 per share. The company raised its Class A dividend to $0.74 per share.
Equities Trading UP;
Movado Group, Inc. MOV 16.42% shares shot up 20 percent to $40.00 after the company posted upbeat Q4 results and issued a strong FY19 forecast.
Shares of Titan Machinery Inc. TITN 13.97% got a boost, shooting up 21 percent to $23.9847 after the company posted upbeat quarterly results.
Energizer Holdings, Inc. ENR 16.79% shares were also up, gaining 17 percent to $62.23. Energizer and Spectrum Brands reported expiration of Hart-Scott-Rodino waiting period for the acquisition of Spectrum Brands’ battery and lighting products business..
Equities Trading DOWN;
Zosano Pharma Corporation ZSAN 43.29% shares dropped 44 percent to $5.11. Zosano Pharma amended a S-1 filing that showed a 10 million common share stock offering.
Shares of Acxiom Corporation ACXM 32.83% were down 32 percent to $19.02 after reporting change to Facebook relationship. Acxiom disclosed that Facebook relationship change says won’t affect FY 2018 guidance.
Pioneer Power Solutions, Inc. PPSI 23.91% was down, falling around 20 percent to $5.15. Pioneer Power Solutions posted Q4 earnings from continuing operations of $(0.51) per share on sales of $23.555 million.
In commodity news, oil traded down 0.11 percent to $64.31 while gold traded down 0.14 percent to $1,328.10.
Silver traded down 0.08 percent Thursday to $16.24, while copper rose 1.08 percent to $3.0345.
European shares were higher today. The eurozone’s STOXX 600 rose 0.38 percent, the Spanish Ibex Index gained 0.73 percent, while Italy’s FTSE MIB Index surged 0.25 percent. Meanwhile the German DAX rose 0.88 percent, and the French CAC 40 rose 0.62 percent while U.K. shares rose 0.27 percent.
Initial jobless claims slipped 12,000 to 215,000 in the latest week. Economists were expecting claims to reach 230,000 last week.
U.S. consumer spending rose 0.2 percent for February, while income increased 0.4 percent.
The final reading of University of Michigan’s consumer sentiment index slipped to 101.4 in March from 102.
The Energy Information Administration’s weekly report on natural gas stocks in underground storage is schedule for release at 10:30 a.m. ET.
The Baker Hughes North American rig count report for the recent week will be released at 1:00 p.m. ET.
Philadelphia Federal Reserve Bank President Patrick Harker is set to speak in New York City at 1:00 p.m. ET.
Data on money supply for the latest week will be released at 4:30 p.m. ET.