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U.S. stocks traded higher Thursday, amid oil losses, as the major indexes tried to extend a massive rally following the United Kingdom's vote on European Union membership.
The Dow Jones Industrials shot ahead 176.45 points, or 1%, to 17,871.13, with 3M and Goldman Sachs contributing the most gains. Visa proved the greatest laggard.
The S&P 500 strengthened 20.12 points at 2,090.89, with consumer staples leading all 10 sectors higher.
The NASDAQ Composite Index hiked 44.07 points to 4,823.41, as Apple advanced 1%.
In corporate news, film studio Lions Gate said it would buy Starz for $4.4 billion U.S. in a cash-and-stock deal.
Hershey shares surged more than 10% amid talks of a possible takeover bid from Mondelez.
On the data front, weekly jobless claims came in at 268,000, slightly above the expected 267,000. The Chicago Purchasing Managers’ Index reading for June came in at 56.8, well above a May reading of 49.3.
Prices for the 10-year Treasury were higher, weighing yields to 1.48% from Wednesday’s 1.51%. Treasury prices and yields move in opposite directions.
Oil prices swooned $1.14 a barrel to $48.74 U.S.
Gold prices shaved off five dollars to $1,321.90 U.S. an ounce.
