By VICTOR REKLAITIS, INVESTOR’S BUSINESS DAILY
Stocks strolled higher Thursday, as the S&P 500 stretched its winning streak to four straight sessions.
The benchmark index rose 0.7%, ending a little below its session high. The Dow Jones industrial average gained 0.6%, while the Nasdaq tacked on 0.5% after briefly turning negative. Volume increased from Wednesday’s level for the NYSE, but decreased for the Nasdaq, according to early data.
Investors now will await the government’s September jobs report, due out at 8:30 a.m. EDT Friday. The consensus estimate calls for nonfarm payrolls to grow by 113,000, while the unemployment rate remains 8.1%, according to Econoday data.
In Thursday’s trading, Chico’s FAS (CHS) climbed 4% in fast trade. The women’s clothing retailer is rallying off its 10-week moving average after testing that level for the first time since its August breakout. That’s providing a buying opportunity for IBD-style investors.
On the downside, Ross Stores (ROST) slumped 2% in big volume, even as the discount retailer reported upbeat sales and raised its outlook. It said its September same-store sales grew 5%, above expectations for a 4.3% rise. Ross also hiked its Q3 earnings outlook to 70 cents to 71 cents a share vs. views of 69 cents. The stock is consolidating below its 10-week moving average.
In economic news Thursday, initial jobless claims and factory orders were both better than expected. Plus, European Central Bank President Mario Draghi said the bank is ready to start its new bond-buying program.
On Friday, Constellation Brands (STZ), the world’s largest wine company, is among the firms slated to report quarterly earnings.