(MENAFN- ProactiveInvestors) U.S. stocks advanced sharply today as a weaker dollar offered the possibility of stronger sales for U.S. multinationals. The S&P 500 (INDEXSP:.INX) gained 1 percent to 2119 at 3:41 p.m. in New York. The 30-company Dow Jones Industrial Average (INDEXDJX:.DJI) gained 1 percent to 18235 while the tech-heavy Nasdaq Composite (INDEXNASDAQ:.IXIC) advanced1.3 percent to 5045.
The dollar is on track for its longest weekly losing streak since October 2013 amid signs the U.S. economy is struggling to gather strength bolstering the case for keeping interest rates lower for longer.
A weaker dollar lessens the drag on the economy and corporate profits as exports become more competitive and imports less attractive to consumers.
DATA:
The number of Americans filing new claims for unemployment benefits unexpectedly fell last week Initial claims for state unemployment benefits slipped 1000 to a seasonally adjusted 264000 for the week ended May 9 the Labor Department said today within a whisker of a 15-year low reached two weeks ago.
In other data U.S. producer prices fell a seasonally adjusted 0.4 percent in April to mark the seventh decline in the last nine months mainly because of lower gasoline and food costs. Economists polled by MarketWatch had predicted no change in the producer price index after a 0.2 percent increase in March.
MOVERS:
() jumped 4.8 percent to $15.24. Piper Jaffray upgraded the stock to "overweight" from "neutral" pointing to expectations of increase in operating margin to the low double-digits and management's increased focus on clogs.
(NYSE:MANU) rose 2.9 percent to $16.02 even as the world’s biggest soccer club swung to a loss in its March quarter as one of the team’s worst seasons in more than two decades continued to dent broadcasting and match-day revenue.
Kohl’s () fell 11 percent to $66.21 after the department store operator reported quarterly same-store sales that fell short of market expectations weakened by colder-than-usual weather in February.
Children's Place () fell 0.9 percent to $67.25 as first-quarter sales fell to $405 million from $410 million a year earlier.
J.C. Penney () slumped 7.2 percent to $8.09 even as the department-store chain cut its first-quarter loss in almost half on lower expenses and an uptick in sales.
() jumped 7.4 percent to $25.85 after the apparel company raised its earnings guidance as wider margins led to better-than-expected first-quarter results.
Cosi (NASDAQ:COSI) gave up 7.3 percent to $2.03 as the fast casual chain reported a loss of $0.12 per share narrowing the $0.17 loss from the same period last year.
Puma Biotechnology (NYSE:PBYI) a development stage biopharmaceutical company sank 18.1 percent to $172.95 on disappointing results from a study of the company's breast cancer drug.
() fell 1.1 percent to $29.02 after the company topped estimates but said spending by telecom customers was not going to improve in the near future.
COMMODITIES:
Gold for June delivery on Comex rose 0.6 percent to settle at $1225 an ounce.
June crude settled at $59.88 a barrel on the New York Mercantile Exchange down 1 percent.
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