The indices snapped out of their pessimistic mood, at least briefly, following the 9:45 a.m. ET correction period. The bulls began to make their way back into the market in stronger numbers and pushed the indices higher throughout most of the remainder of the session. The upside was the strongest in the first half of the open, remaining so through the 10:00 a.m. ET release of April's U.S. wholesale inventories by the Commerce Department. Inventories rose 0.8% to $447.2 billion, which was less than anticipated. Automotive inventories had the largest impact on this data, falling 1.3%. Sales rose 0.3% to $393.5 billion. Analysts had anticipated a 1.2% increase.
S&P 500 (Figure 2)
The Dow Jones Industrial Average ($DJI) ended the day with a gain of 75.42 points, or 0.63%, and closed at 12,124.36 on Thursday. The strongest performers in the Dow for the day were JP Morgan (JPM) (+1.46%), DuPont (DD) (+1.45%), Chevron (CVX) (+1.28%), and United Technologies (UTX) (+1.26%). The only losers in the index were Verizon (VZ) (-0.64%), Intel (INTC) (-0.27%), WalMart (WMT) (-0.13%), and AT&T (T) (-0.03%).