NEW YORK (AP) — Earnings gains at major U.S. companies and encouraging economic news pushed U.S. stocks to record levels Thursday.
A drop in claims for unemployment benefits signaled a healthier economy and encouraged investors to buy stocks. The Federal Reserve Bank of Philadelphia said manufacturing in its region grew at the fastest pace in more than two years this month.
Among companies reporting second-quarter earnings, Morgan Stanley was one of the standouts, rising $1.16, or 4.4 percent, to $27.70.
The stock market is back at record levels after pulling back in June amid concerns that the Fed was poised to reduce its stimulus program.