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 May 18, 2017 - 4:34 PM EDT
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Stocks Recover from Wednesday Wallop

Stocks Recover from Wednesday Wallop

U.S. stocks closed higher on Thursday, recovering from their worst day of 2017, as investors assessed President Donald Trump's chances of moving forward with his pro-growth agenda.

The Dow Jones Industrials Average gained 56.09 points to 20,663.02, with UnitedHealth contributing the most gains. Cisco Systems, though, fell 7.2% after the company issued weak guidance.

The S&P 500 stayed above water 8.69 points to 2,365.72, with telecommunications advancing 1.2% to lead advancers.

The NASDAQ marched ahead 43.89 points to 6,055.13.

Among companies reporting earnings Thursday are Gap Inc., Hibbett Sports and Perry Ellis.

Stocks hit their session highs Thursday after a video from earlier in the month circulated on trading floors that some traders falsely interpreted as former FBI Director James Comey saying he was never pressured to end an FBI probe.

In the video, however, Comey is answering a question specific to the U.S. Attorney General or "senior officials at the Department of Justice," not Trump.

In economic news, weekly jobless claims totaled 232,000, below the expected 240,000. Meanwhile, the Philadelphia Federal Reserve business index rose to 38.8 in May from 22.0 in April.

Prices for the benchmark 10-year Treasury note were slightly lower, raising yields to 2.23% from Wednesday's 2.22%. Treasury prices and yields move in opposite directions.

Oil prices recouped 26 cents at $49.33 U.S. a barrel

Gold prices gave back $9.90 at $1,248.80 U.S. an ounce.


Source: Livemoney US Market Commentary (May 18, 2017 - 4:34 PM EDT)

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