NEW YORK (AP) — Stocks roared back to record highs on Thursday, driven by good news on the economy.
The gains were driven by a steady flow of encouraging reports on the global economy. Overnight, a positive read on China’s manufacturing helped shore up Asian markets. An hour before U.S. trading started, the government reported that the number of people applying for unemployment benefits last week fell sharply. At mid-morning, a trade group said U.S. factories revved up production last month. And while corporate earnings news after the market closed Wednesday and throughout Thursday brought both winners and losers, investors were able to find enough reports that they liked.