By Anora Mahmudova, MarketWatch
NEW YORK (MarketWatch) -- U.S. stocks moved higher on Thursday,
boosted by dovish comments of European Central Bank president Mario
Draghi, who said the ECB stood ready to act in June.
Dovish comments from the central banker came as investors
listened to the second day of congressional testimony by Federal
Reserve Chairwoman Janet Yellen.
The S&P 500 (SPX) added 7 points, or 0.2%, to 1,883.42,
hovering near its record closing level.
The Dow Jones Industrial Average (DJI) rose 58 points, or 0.4%,
to 16,577.84, within a hair's breadth of its previous closing
high.
The Nasdaq Composite (RIXF) gained 15 points, or 0.4%, to
4,082.
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action.
Federal Reserve Chairwoman Janet Yellen appeared before the
Senate Budget Committee in her second day of testimony before
Congress to discuss the central bank's economic and fiscal outlook.
On Wednesday, Yellen told the Joint Economic Committee of Congress
she expects expansion at a "somewhat faster pace" this year than
the 1.9% growth rate in 2013 despite a sluggish start in the first
quarter.
Slowing in the housing market merits observation, and labor
market conditions have improved, but are still far from
satisfactory, Yellen said Wednesday.
In economic news, he number of people who applied for new
unemployment benefits last week fell to the lowest level in a
month, but the decline likely stemmed from seasonal quirks instead
of any major change in hiring trends or layoffs.
Initial jobless claims dropped by 26,000 to a seasonally
adjusted 319,000, the Labor Department said Thursday. Economists
surveyed by MarketWatch had expected claims to fall to 325,000 in
the week ended May 3.
Telsa skids, SolarCity soars
Tesla (TSLA) skidded 10% after its earnings report late
Wednesday. The company said it had a net loss of 40 cents a share.
Adjusted per-share income came in at 12 cents, versus analyst
forecasts of 8 cents. However, the auto maker's revenue of $621
million was below forecasts of $683.5 million, according to
FactSet.
An earnings report also pulled down Gulfport Energy Corp. (GPOR)
by 18%. The company earned 20 cents a share on revenue of $118
million, compared with analyst forecasts of 20 cents a share on
$123 million in sales.
Wynn Resorts Ltd. (WYNN) retreated 3% amid concerns about a
decline in demand in Macau, according to news reports. The concerns
for the casino company follow a crackdown on unlawful money
transfers in the region, a hot spot for gamblers in Asia.
SolarCity Corp. (SCTY) jumped 12% after reporting its
first-quarter earnings. The energy company said it had adjusted
per-share losses of 82 cents a share on revenue of $63.6 million.
The firm was expected to lose 70 cents per share on revenue of $53
million.
Keurig Green Mountain (GMCR) climbed 9.8% after its
second-quarter earnings report. The single-serving coffee maker
took in adjusted profits of $1.08 per share on sales of $1.10
billion. Forecasts had called for 95 cents a share in earnings on
revenue of $1.05 billion.
Shares of Priceline Group Inc. (PCLN) fell 1.7% after the
travel-services company's current-quarter forecasts fell short of
Wall Street's targets. Priceline also said first-quarter earnings
rose 36%, aided by growth in international bookings.
After the markets close on Thursday, media group CBS Corp. (CBS)
is projected to report first-quarter earnings of 75 cents a share,
and News Corp (NWSA) is likely to report fiscal third-quarter
earnings of 2 cents a share. News Corp.'s properties include
MarketWatch, the publisher of this report.
European stocks gain after Draghi's 'ready to act in June'
comment
Asian stocks rose following better-than-expected trade data from
China, while European stocks advanced after ECB president Mario
Draghi said the central bank is ready to act in June.
The euro(EURUSD) fell sharply against the U.S. dollar after
Draghi's comments. Separately, the Bank of England held its key
rate at 0.5%, as expected.
Gold futures (GCM4) gave up gains and were lower at $1,286.60,
building on a 1.5% downturn Wednesday as Yellen's generally upbeat
comments pulled safe-haven demand from the metal. June oil futures
(CLM4) were down 42 cents, or 0.4%, at $100.35, stepping back from
gains on Wednesday.
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