The S&P 500 surpassed 1,700 on Thursday and U.S. stocks rose after economic data pointed to a modestly improving economy and the Federal Reserve kept its massive monetary stimulus in place, according to Reuters. In its latest policy statement on Wednesday, the Federal Reserve gave no hint that a reduction in the pace of its bond-buying program was imminent, as the economy continues to recover but is still in need of support. Data on weekly U.S. initial jobless claims and national manufacturing came in better than expected, while construction spending dropped 0.6 percent in June, below forecasts calling for a 0.4 percent rise. Stocks advanced broadly, with all of the 10 S&P 500 industry sectors moving higher. Growth-sensitive financials, industrials and consumer discretionary shares registered the biggest gains. JPMorgan Chase, Bank of America and Wells Fargo were among the companies giving the greatest boost to the S&P 500. Shares of JPMorgan gained 1.7 percent to $56.70, Bank of America rose 2.2 percent to $14.92 and Wells Fargo added 1.6 percent to $44.21. The S&P 500 financial index was up 1.6 percent. The Dow Jones Industrial Average rose 123.22 points, or 0.79 percent, to 15,622.76. The Standard & Poor's 500 Index climbed 18.03 points, or 1.07 percent, to 1,703.76, and the Nasdaq Composite Index added 38.50 points, or 1.06 percent, to 3,664.87. Earlier in the session, the benchmark S&P rose to a new intraday high of 1,704.97. Yelp Inc surged 22.8 percent to $51.31 after the consumer reviews website posted a smaller-than-expected quarterly loss and forecast third-quarter revenue above analysts' expectations. Pioneer Natural Resources was the S&P 500's biggest percentage gainer after reporting its second-quarter results. The company's shares jumped 13.3 percent to $175.35, after hitting an all-time high of $180.99 earlier in the session. On the downside, Exxon Mobil Corp dipped 1.8 percent to $92.04, the biggest drag on the Dow and the S&P 500, after reporting a sharp drop in quarterly profit on lower oil and gas output production and weaker earnings from its refining business. Of the 375 companies in the S&P 500 that have reported earnings for the second quarter, 67.5 percent have topped analyst expectations, in line with the average beat over the past four quarters, data from Thomson Reuters showed. About 55 percent have reported revenue above estimates, above the average beat of the past four quarters but below the historical average. -- SPA 20:23 LOCAL TIME 17:23 GMT تغريد
