US stocks jump in choppy trade

NEW YORK: US stocks jumped on Thursday amid a series of uneven data and corporate earnings reports that included a big disappointment from oil giant ExxonMobil.

Strong US housing data, mediocre jobless claims figures and mixed earnings, spelled a choppy day of trade that ended with the Dow Jones Industrial Average posting triple-digit gains.

At the close, the Dow was up 113.90 points, or 0.87 percent, to 13,204.62.

The broad-based S&P 500 rose 9.29 points (0.67 percent) to 1,399.98, while the tech-rich Nasdaq added 20.98 points (0.69 percent) to 3,050.61.

"Despite some disappointing US earnings and economic data, the domestic equity markets are grinding higher," said analysts at Charles Schwab shortly before the close.

There was a mixed start to trade, as Exxon announced its earnings fell 11 percent to US$9.5 billion amid lower production.

Exxon shares fell almost one percent by the end of trade.

But the market received some strength from news that pending US home sales rose in March, pointing to a continued recovery in the housing market.

"The major averages advanced as an increase pending homes sales offset a slightly higher-than-expected weekly initial jobless claims report," said Wells Fargo analysts.

Amid the major beneficiaries Wal-Mart Stores leaped nearly three percent, while Chevron was up 2.3 percent.

US Airways, General Motors, American Airlines, JPMorgan Chase, Ford, Target and Coca-Cola were all up over one percent. -- AFP