MARKET SNAPSHOT: S&P 500, Nasdaq Hit Records As Stocks Aim To Extend Gains To A 6th Day

Best Buy, HP shares jump after earnings

The S&P 500 and Nasdaq Composite traded in record territory on Thursday as U.S. stocks advanced for a sixth straight session, thanks in part to big gains in shares of Best Buy and HP after quarterly results.

The S&P 500 index rose 5 points, or 0.2%, to 2,409, and setting a fresh intraday record of 2,410.55. Eight of the 11 main sectors traded higher, led by gains in consumer-discretionary, up 0.6%.

Some technical analysts suggested closing at these levels would prompt a further rally in broader markets.

"Assuming the breakout is confirmed, short-term upside is likely greatest for small- and mid-cap stocks given their relatively oversold position," said Katie Stockton, chief technical strategist at BTIG.

The Nasdaq Composite Index also hit an intraday record at 6,183.02, and was most recently trading 21 points, or 0.4%, to 6,184.

The Dow Jones Industrial Average was up 65 points, or 0.3%, at 21,079, just shy of its record close of 21,115.55 reached March 1.

Investors appeared to shrug off a dip in oil prices. On Thursday, crude prices turned lower after Saudi Arabia's oil minister Khalid al-Falih ruled out deeper cuts (http://www.marketwatch.com/story/oil-prices-turn-sharply-lower-after-saudi-oil-minister-rules-out-deeper-cuts-2017-05-25) to production in any extension to an OPEC output agreement.

But the Organization of the Petroleum Exporting Countries did agree to a nine-month extension (http://www.marketwatch.com/story/opec-says-it-will-extend-production-cuts-through-march-2018-2017-05-25) to the current deal at Thursday's meeting in Vienna, Austria, as expected.

"Oil is very volatile as markets hang on every word coming from the OPEC meeting in Vienna. Headlines so far are not supporting the bull," said Neil Wilson, senior market analyst at ETX Capital, in a note.

Headlines may also come out as President Donald Trump continues his overseas trip, meeting European Union leaders (http://www.marketwatch.com/story/brexit-fan-trump-meets-eu-leaders-for-the-first-time-2017-05-25)--new French President Emmanuel Macron (http://www.marketwatch.com/story/macron-tests-the-limits-of-frances-fifth-republic-2017-05-19) in particular--and then attending NATO events.

Individual movers: Shares in Best Buy Co.(BBY) soared 13% after the retailer beat profit expectations (http://www.marketwatch.com/story/best-buys-stock-rockets-after-profit-and-sales-beat-upbeat-guidance-2017-05-25), reported a surprise increase same-store sales and provided an upbeat outlook.

Medical devices maker Medtronic PLC(MDT), which jumped 4% ahead of the bell after earnings and revenue topped views (http://www.marketwatch.com/story/medtronic-profit-and-sales-rise-beat-expectations-2017-05-25), reversed to trade slightly lower in early trade.

HP Inc.(HPQ) was up 0.6% as the maker of PCs and printers late Wednesday reported better-than-expected quarterly results (http://www.marketwatch.com/story/hp-stock-jumps-more-than-7-after-earnings-beat-2017-05-24).

See:HP boosted by double bump from PC and printer growth (http://www.marketwatch.com/story/hp-boosted-by-double-whammy-of-pc-and-printer-growth-2017-05-24)

But Signet Jewelers Ltd.(SIG) fell 3% after the retailer's earnings fell short of forecasts (http://www.marketwatch.com/story/signet-jewelers-earnings-fall-short-unveils-plan-to-outsource-credit-portfolio-2017-05-25). Signet's debt (http://www.marketwatch.com/story/fitch-downgrades-signet-to-bb-from-bb-plus-2017-05-25-9913731)was promptly downgraded by Fitch following earnings. and Dollar Tree Inc.(DLTR) traded lower after its quarterly results (http://www.marketwatch.com/story/dollar-tree-earnings-meet-expectations-tweaks-full-year-outlook-2017-05-25).

Spam producer Hormel Foods Corp.(HRL) posted disappointing quarterly sales, saying pressure on its Jennie-O Turkey Store will continue (http://www.marketwatch.com/story/hormel-sales-falls-short-with-pressure-from-jennie-o-turkey-store-expected-to-continue-2017-05-25). Shares were down 3.8%.

Economic news: Initial jobless claims rose by 1,000 to 234,000 in the seven days stretching from May 14 to May 20, largely in line with expectations.

Advanced U.S. trade deficit in goods widened by 3.8% in April to $67.6 billion.

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Fed Gov. Lael Brainard is scheduled to give a speech on global economic issues in Washington, D.C., at 10 a.m. Eastern, and St. Louis Fed President James Bullard is slated to talk in Japan about the American economy after the U.S. market's close--at 11 p.m. Eastern.

Other markets:European stocks (http://www.marketwatch.com/story/european-stocks-grapple-with-lower-liquidity-oil-price-volatility-2017-05-25) traded slightly lower, while Asian markets closed with gains (http://www.marketwatch.com/story/asia-stocks-higher-south-korea-shares-soar-as-interest-rates-hold-steady-2017-05-25). Gold futures gained slightly (http://www.marketwatch.com/story/gold-firms-aims-to-snap-back-to-back-declines-2017-05-25), as a key dollar index (http://www.marketwatch.com/story/us-dollar-rises-against-commodity-currencies-after-opec-agreement-2017-05-25) inched lower. Meanwhile, the yield on the 10-year Treasury note fell to 2.25% after OPEC meeting (http://www.marketwatch.com/story/treasury-yields-budge-up-above-225-after-opec-meeting-2017-05-25).

(END) Dow Jones Newswires

May 25, 2017 09:54 ET (13:54 GMT)