While the Dow Jones needs 72.05 points and the S&P 500 needs 7.03 points to finish in the green for the week both indexes did their best to make it possible today. Ending a streak of 3 consecutive losses the Dow Jones Industrial Average surged 180.85 points, or 1.21 percent, to finish at 15,176.08, after climbing by more than 200 points during Thursday’s session. The S&P 500 jumped 23.84 points, or 1.48 percent, to close at 1,636.36. The NASDAQ rallied 44.94 points, or 1.32 percent, to end at 3,445.37.
It seems that US markets are now less focused on what’s happening in Japan and more concerned with their own backyard as investors shrugged off another steep selloff in the Japanese market. Thursday’s positive run started when weekly jobless claims came in at 12,000 to a seasonally adjusted 334,000 last week, according to the Labor Department, falling near the lowest level in nearly five years. And retail sales climbed 0.6 percent in May, according to the Commerce Department, topping expectations for a gain of 0.4 percent. Retail sales account for about 30 percent of consumer spending. Things continued to look up after the Wall Street Journal reported that the Fed was nowhere close to raising short term interest rates.
Shares in Apple saw a bit of a gain after rumors started swirling that they would indeed look at what Samsung and other competitors have been doing and will be launching iPhones with bigger screens and a variety of colors. I for one would be a huge fan of this as I truly love my Samsung Note 2, which gives me the ability to have so much more control over my phone with such a large user friendly screen. While Apple declined to comment shares of Apple climbed slightly to finish the session off at nearly $436.00.