Stocks staged a sharp rebound from recent losses Thursday, thanks to better-than-expected economic data and deal news.
The S&P 500 and the Nasdaq rallied 1.5% and 1.2%, respectively. Both recouped all of Wednesday's losses and more. The Dow Jones industrial average climbed 1.2%. Volume was mixed in the stock market today, according to preliminary data.
Before the open, the Labor Department reported initial jobless claims that dipped more than 3%, to 334,000 for the week ended June 8. That was down from the prior week's 346,000 claims and well below estimates for an increase to 350,000.
Meanwhile, retail sales bumped up 0.6% in May, better than April's 0.1% gain and just above forecasts for a 0.5% increase.
Among Thursday's M&A activity, Gannett (GCI) said it would buy TV station owner Belo (BLC) for $2.2 billion. Gannett and Belo bolted 34% and 24%, respectively.
Supermarket operator Safeway (SWY) jumped 7% after the company said it would sell its Canadian operations and use the proceeds to reduce debt and buy back shares. It had been up as much as 19% earlier. The $5.7 billion sale to Empire Co., which operates Sobeys in Canada, is aimed at helping Safeway move closer to an upgrade of its BBB debt rating.
Elsewhere, Lumber Liquidators (LL) climbed 4%, snapping a three-day pullback. But it did so in light volume Thursday. Still, Thursday's action puts it back above an 83.22 buy point from a rare short-stroke pattern. The stock has found support at its 10-week line recently.
Regeneron Pharmaceuticals (REGN) rose 2%. It bounced off its 10-week line last week and is re-testing the line.
In IPO news, fragrance and cosmetics firm Coty (COTY) had a shaky debut, falling 1%. The stock priced at 17.50 last night, at the midpoint of a proposed range of 16.50 to 18.50.
But Myriad Genetics (MYGN) fell 6% after staging a nasty reversal. Shares were up as much as 11% after the Supreme Court issued a mixed ruling on whether its genetic products could be patented. Still, Myriad closed 9% past a 29.13 buy point from a cup-with-handle base. It broke out May 8 after a better-than-expected quarterly earnings report. Profit growth has accelerated for four straight quarters.
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