U.S. stocks jumped on Thursday, extending the rally into a fourth straight day as investors assessed a new batch of corporate earnings and solid economic data.

The S&P 500 climbed 1.1% to a record closing high of 3,871.74, supported by communication services and financials. 

A better-than-expected jobless claims report helped boost sentiment. First-time claims for unemployment insurance totaled 779,000 for the week ended Jan. 30, below the 830,000 estimate from economists surveyed by Dow Jones.

Investor awaited the release of January jobs report on Friday morning. Economists surveyed by Dow Jones expect the U.S. labor market to add a total of 50,000 jobs last month, following a decline of 140,000 in December.

Wall Street is in the middle of a solid earnings season. Of the 184 companies in the S&P 500 that have reported earnings to date, 84.2% topped analyst expectations, according to Refinitiv.
 

To subscribe to real time signal, email to us at futures.coin@gmail.com for details. Sign up today for February subscription.


Plan A : Long if market supported firm above 3872. Targets are 3887, 3905 and 3921.

Plan B : Short if market failed to support above 3872. Targets are 3847, 3821 and 3790.
 

Stock futures were higher in early morning trading on Friday, following a four-day winning streak on Wall Street as investors awaited a closely-watched January jobs report.

The Nasdaq Composite jumped 1.2% to 13,777.74, also reaching a new high.

Many on Wall Street remain optimistic that the vaccine rollout, coupled with easy monetary policy and potentially more fiscal support, will sprout stronger growth in earnings and drive the market to new highs.

On the stimulus front, Democrats are moving forward with President Joe Biden’s $1.9 trillion Covid-19 relief proposal. Republicans have countered with a more modest $618 billion package, which includes new stimulus checks of $1,000 per person.