(Google Finance)
Stocks rallied in afternoon trading on Thursday after we got a raft of economic data that matched upbeat expectations.
The session has been quite mixed. Near 2:38 p.m. ET, the Dow was up 73 points, the S&P 500 was up 6 points, and the Nasdaq was up 21 points.
The retail sales report was solid, with a 0.6% month-on-month gain for July, and 0.4% excluding auto and gas. The June data were revised higher after the initial estimates showed declines.
Initial jobless claims totaled 274,000 last week, and the four-week moving average fell to a 15-year low of 266,250.
On Wednesday, we saw quite the rebound in stocks. The major indexes closed relatively flat, even though the S&P 500 went red for the year during the session, and the Dow lost more than 270 points – its worst one-day drop in five weeks.
China devalued the yuan for a third straight day, fixing the currency at 6.4010 against the dollar. The yuan fell yet again. This time though, the People's Bank of China said it will allow traders to play a bigger role in setting the currency's level based on the previous day's closing price, instead of exclusively determining the rate.
Many analysts say the move is a bid to stimulate the slowing economy and make exports more competitive.
Treasuries are weaker, and the yield on the benchmark 10-year note climbed to as high as 2.18%.
Gold is lower after reaching a three-week high on Wednesday. The metal fell to as low as $1,107.80 an ounce.
And after reports from OPEC and the International Energy Agency reiterating a supply glut, crude oil is falling to new lows and has slipped below $42 per barrel.
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