**Market Recap: Thursday Highlights**
After an optimistic start to the session, stocks have retreated from their earlier highs throughout the trading day on Thursday. Despite the pullback, major indices maintain gains, remaining in positive territory.
As of now, the Dow Jones Industrial Average has risen 199.78 points, or 0.5%, to 42,114.53. The Nasdaq Composite is up 29.95 points, or 0.2%, at 18,112.15, while the S&P 500 has increased by 10.37 points, or 0.2%, to 5,732.63, after reaching a new record intraday high in early trading.
The early rally on Wall Street was partly driven by strength in the tech sector, particularly led by Micron (MU). Micron shares have surged 13.8% following the company's better-than-expected fiscal fourth-quarter results and strong fiscal first-quarter revenue guidance.
Positive U.S. economic data also bolstered stocks. According to the Labor Department, first-time claims for U.S. unemployment benefits unexpectedly decreased in the week ending September 21st. Initial jobless claims fell to 218,000, down 4,000 from the previous week's revised level of 222,000, defying economists' expectations of a rise to 225,000. This decline brings jobless claims to their lowest level since mid-May.
In another report, the Commerce Department indicated that new orders for U.S. manufactured durable goods remained virtually unchanged in August, following a 9.9% surge in July. Economists had anticipated a 2.6% decline. Excluding transportation equipment, durable goods orders rose 0.5% in August after a slight decrease in July, surpassing expectations of a 0.1% increase.
**Sector Highlights**
Airline stocks exhibited notable strength, with the NYSE Arca Airline Index soaring 5.5%, reaching its best intraday level in over three months. Southwest Airlines (LUX) significantly contributed to this surge, jumping 10.6% after raising its third-quarter revenue guidance and announcing a new share repurchase program.
Steel stocks also showed considerable gains, with the NYSE Arca Steel Index climbing 2.4%. Furthermore, semiconductor, gold, and computer hardware stocks performed well, while energy stocks experienced a sharp decline alongside falling crude oil prices.
**Global Markets**
In overseas markets, Asia-Pacific stocks surged on Thursday. Japan's Nikkei 225 Index jumped 2.8%, while China’s Shanghai Composite Index rose 3.6%. European markets also trended upward, with France's CAC 40 Index gaining 2.0%, Germany's DAX Index increasing 1.5%, and the U.K.'s FTSE 100 Index slightly up by 0.1%.
**Bond Market**
In the bond market, treasuries moved modestly lower after an initial rise. Consequently, the yield on the benchmark ten-year note, which inversely correlates with its price, increased by 1.9 basis points to 3.800%.
