U.S. stocks gained on Thursday morning with the S&P 500 and the Dow Jones Industrial Average rising to record highs as trade war fears eased.Â
The rally was also supported by strong labor market data. The number of Americans filing for unemployment benefits fell last week, hitting near a 49-year low. Initial claims for state unemployment benefits fell by 3,000 to a seasonally adjusted level of 201,000 for the week ended Sept. 15, according to the Labor Department.
Shares of Herman Miller Inc. (MLHR, Financial) jumped more than 6% on Thursday morning after the company posted adjusted first-quarter earnings of 69 cents per share on $624.6 million in revenue, reflecting a 7.6% year-over-year growth. The company beat revenue expectations by $3.87 million and earnings estimates by 4 cents.
The consolidated gross margin was 36.0%, down 140 basis points from the prior-year quarter. Operating expenses were $178 million, up from $165.7 million a year ago.
Looking ahead, the company expects second-quarter net sales to be between $635 million and $655 million. It projects adjusted diluted earnings per share to range between 70 cents and 74 cents.
Gainers
- Under Armour Inc. (UA, Financial)
- Micron Technology Inc. (MU, Financial)
- Analog Devices Inc. (ADI, Financial)”‹
- Ford Motor Co. (F, Financial)
Losers
- Red Hat Inc. (RHT, Financial)
- General Electric Co.”‹ (GE, Financial)
- Nordstrom Inc. (JWN, Financial)
- Dominion Energy Inc. (D, Financial)
- Macy's Inc. (M, Financial)
Global markets
The main European stock markets traded higher. The U.K.'s FTSE 100 gained 0.49%, France's CAC 40 jumped 1.07%, Germany's Dax advanced 0.88% and Spain's IBEX 35 rose 1.03%.
In Asia, Japan's Nikkei 225 gained 0.01%, India’s BSE Sensex fell 0.45%, Hong Kong's Hang Seng advanced 0.26% and China's Shanghai Composite slid 0.06%.
Disclosure: The author holds no positions in any stocks mentioned.
