Stocks are ripping higher for a third straight day on Thursday..
Near 1:00 p.m. ET on Thursday, the Dow was up 190 points, the S&P 500 was up about 23 points, and the Nasdaq was up 46. Each of these moves is about a 1% gain.
Thursday marks the final trading day of June and the second quarter, and so we’d expect volume on the market to be fairly heavy as investors square up their books for month- and quarter-end.
In Europe, stocks are also higher as London’s FTSE 100 has come roaring back post-Brexit, gaining another 2.2% on Thursday to close at the highest level since August. Stock markets across the continent were also higher on Thursday.
Currency markets are also lower on Thursday with the pound down about 1.3% to around $1.32 against the dollar while the euro is also a bit weaker against the dollar at around $1.11.
The big economic data on Thursday morning was the weekly report on initial jobless claims, which showed initial filings for unemployment insurance totaled 268,000 last week, ever-so-slightly more than the 267,000 that was expected, but still showing the trend in claims remains broadly intact.
Elsewhere in news on Thursday morning, Boris Johnson, the former mayor of London and one of the faces of the ‘Leave’ movement ahead of the Brexit vote, said he would not run for leader of the Conservative Party.
In US corporate news, The Wall Street Journal reported Thursday that snack giant Mondelez has made an offer to acquire Hershey.