U.S. Markets Surge As Oil Drops Again

New York, NY (AHN) - U.S. markets moved higher Thursday for a second consecutive day as the financial sector provided strength sparked by earnings news.

The Dow Jones Industrials rose 207 points or 1.85 percent on Thursday. The Dow has moved 4.4 percent in the past two sessions, its best two-day advance since October 2002.

The broader S&P 500 index tacked on 15 points or 1.2 percent. Tech also rose with the Nasdaq Composite, adding 27 points or 1.2 percent.

Advancers outpaced decliners 3 to 1 on the New York Stock Exchange for the second consecutive day. Trading volume was heavy at 1.96 billion shares.

The financial sector continued its upward move sparked by JP Morgan Chase earnings. The bank posted a second quarter earnings loss that was smaller than expected. Shares of JP Morgan added 13.5 percent on Thursday. The financial sector added 6.5 percent on the session.

Energy stocks moved lower as crude oil prices dropped for the third straight day. The commodity shed $5.31 a barrel, settling at $129.29, closing under $130 a barrel for the first time in more than a month.

Natural gas inventory data also pressured the energy sector as the Energy Department said domestic stockpiles rose last week, marking a drop in demand.

Economic data was positive as housing starts for June rose 9.1 percent to a rate of 1.066 million units, above the 966,000 economists expected.

Initial jobless claims rose less than expected for the week ending July 12. Claims increased 16,000 to 366,000, less than the 380,000 expected by economists.

Big tech names like Google, IBM and Microsoft report earnings after Thursday's session close and should help set the tone for Friday's open. Friday also marks expiration of equity options for July.