U.S. stocks rally on upbeat outlooks from UPS, Qualcomm

NEW YORK (Forex News Now) – U.S. stock markets rallied on Thursday, on upbeat outlooks from bellwethers such as United Parcel Service Inc. and Qualcomm Inc.

The Dow Jones Industrial Average surged 201.77 points, or 1.99 percent, to 10,322; the Standard & Poor’s 500 advanced 24.08 points, or 2.25 percent, to 1,094; and the Nasdaq Composite climbed 58.56 points, or 2.68 percent, to 2,245.

UPS shares jumped 5.23 percent after the world’s biggest delivery company reported sales and earnings that beat market expectations and raised its outlook for the rest of the year.

The rally followed the release of mixed U.S. data: A key report showed that existing home sales climbed more than expected in June, but separate data showed that initial claims for unemployment benefits rose faster than forecast last week.

By ForexNewsNow Team

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