The Standard & Poor’s 500-share index briefly traded above 1,500 points for the first time since December 2007 following a sudden drop in claims for unemployment benefits, another sign that the United States labor market is healing.
A plunge in Apple’s stock pulled the Nasdaq composite index lower after the company predicted slower sales.
In early afternoon trading the S.&P. slipped from the morning high to 1,497 points, a gain of 0.2 percent. The Dow Jones industrial average was up 0.5 percent, at 13,849 points, and the Nasdaq was 0.4 percent lower.
Among the gainers was Netflix, which soared 38 percent after surprising the market with strong subscriber growth and a profit.
The market was buoyed by economic news from the Labor Department, which reported that the number of Americans filing new claims for unemployment benefits unexpectedly fell to its lowest since the early days of the 2007-09 recession.
Also, the Conference Board says its index of leading indicators rose 0.5 percent in December, the best showing since September. In November, the index was unchanged. The gauge is intended to anticipate economic conditions three to six months out.
Growth in Chinese manufacturing accelerated to a two-year high this month and a buoyant Germany took the euro zone economy a step closer to recovery, business surveys showed on Thursday.
Apple missed Wall Street’s revenue forecast for a third consecutive quarter after iPhone sales came in below expectations, fanning fears that its dominance of consumer electronics was slipping. On Thursday Apple shares were down 10.7 percent, to $458.95.
With signs the economy is improving, some investors are lauding the strength of the stock market rather than calling an end to the rally.
“The market has disconnected itself with Apple,” said Jack de Gan, chief investment officer at the Harbor Advisory Corporation in Portsmouth, N.H. “I think it shows great strength in the overall S.&P.”
The S.&P. 500 rose for a sixth day on Wednesday following stronger-than-expected results from I.B.M. and Google.
In Europe, shares closed higher. The FTSE in London gained 1.1 percent, while the DAX in Frankfurt gained 0.5.
S.&P. Briefly Trades Above 1,500 Points
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S.&P. Briefly Trades Above 1,500 Points
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S.&P. Briefly Trades Above 1,500 Points
