Dow34912.56+534.75(1.56%)Nasdaq14823.42+251.79(1.73%)SP 5004438.26+74.46(1.71%)10-yr Note +2\/321.515NYSEAdv 2513 Dec 753 Vol 795.3 mlnNasdaqAdv 2804 Dec 1498 Vol 4.2 bln\r\nIndustry Watch\r\nStrong: Information Technology, Materials, IndustrialsWeak: Consumer Discretionary\r\nMoving the Market\r\n-- Market rally driven by positive earnings news, relatively encouraging economic data, and lower interest rates-- PPI data for September was softer than expected, weekly claims data was lower than expected-- S&P 500 closes above 50-day moving average (4436)\r\nStocks advance as the market feeds off of earnings, data, and lower ratesDow +534.75 at 34912.56, Nasdaq +251.79 at 14823.42, S&P +74.46 at 4438.26\r\n[BRIEFING.COM] The S&P 500 rallied 1.7% on Thursday, bolstered by positive earnings news, relatively encouraging economic data, and a decline in long-term interest rates. The Nasdaq Composite (+1.7%) and Dow Jones Industrial Average (+1.6%) performed comparably to the benchmark index, while Russell 2000 increased 1.4%. \r\nThe advance was steady and broad-based: all 11 S&P 500 sectors closed higher between 1.0% (consumer discretionary) and 2.4% (materials), and the Invesco S&P 500 Equal Weight ETF ($RSP 155.17, +2.62) gained 1.7%. Notably, the S&P 500 reclaimed its 50-day moving average (4436) on a closing basis.\r\nGrowth stocks particularly benefited from the 10-yr yield declining by three basis points to 1.52%, which was driven by a peak-inflation sentiment following the Producer Price Index (PPI) report for September. While the year-over-year rates for PPI remained notably high, core PPI, which excludes food and energy, increased just 0.2% m\/m (Briefing.com consensus +0.5%).\r\nValue stocks drew support from better-than-expected Q3 earnings reports and from the lowest level of weekly jobless claims since the start of the pandemic. Initial jobless claims decreased by 36,000 to 293,000 (Briefing.com consensus 332,000).\r\nThe high-profile earnings winners included UnitedHealth ($UNH 420.36, +16.81, +4.2%), Bank of America ($BAC 45.07, +1.93, +4.5%), Morgan Stanley ($MS 101.01, +2.44, +2.5%), Walgreens Boots Alliance ($WBA 50.77, +3.51, +7.4%), Citigroup ($C 70.80, +0.54, +0.8%), and Taiwan Semi ($TSM 112.56, +2.58, +2.4%). \r\nTaiwan Semi also provided upside Q4 revenue guidance, which served as an additional boost for the Philadelphia Semiconductor Index (+3.1%). Wells Fargo ($WFC 45.31, -0.74, -1.6%) and U.S. Bancorp ($USB 60.08, -1.38, -2.3%), however, struggled with losses despite beating expectations. \r\nSeparately, an FDA advisory committee unanimously recommended Moderna's ($MRNA 331.88, +10.38, +3.2%) booster shot for adults 65 years and older and other high-risk adults. \r\nThe 2-yr yield decreased two basis points to 0.35%. The U.S. Dollar Index decreased 0.1% to 93.99. WTI crude futures rose 1.0%, or $0.77, to $81.28\/BBL despite a sizable build in weekly crude inventories (6.09 mln barrels).\r\nReviewing Thursday's economic data:\r\nThe Producer Price Index for September was a bit softer than expected. The index for final demand increased 0.5% month-over-month (Briefing.com consensus +0.6%) and the index for final demand, less foods and energy, increased 0.2% (Briefing.com consensus +0.5%). On a year-over-year basis, the index for final demand was up 8.6%, versus 8.3% in August. That is the largest advance since the 12-month data were first calculated in November 2010.The key takeaway from the report is in the Treasury market's initial response, which is muted and indicative once again that market participants are sniffing peak inflation. The 10-yr note yield is down two basis points to 1.53% (which is where it was just prior to the release).The latest weekly initial claims report was the best since March 14, 2020. Initial claims for the week ending October 9 decreased by 36,000 to 293,000 (Briefing.com consensus 332,000). Continuing claims for the week ending October 2 decreased by 134,000 to 2.593 million, which was also the lowest since March 14, 2020.The key takeaway from the report is that the claims figures are moving in the manner and direction they should be moving given the recurring refrain of labor shortages and the recurring reports showing that there are more than ten million job openings.\r\nLooking ahead to Friday, investors will receive Retail Sales for September, the Empire State Manufacturing Survey for October, Import and Export Prices for September, the preliminary University of Michigan Index of Consumer Sentiment for October, and Business Inventories for August. \r\nS&P 500 +18.2% YTDRussell 2000 +15.2% YTDNasdaq Composite +15.0% YTDDow Jones Industrial Average +14.1% YTDSource: (Briefing.com)\r\nDisclosure: I may trade in the ticker symbols mentioned, both long or short. 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