Boosted by a strong employment numbers, the Dow Jones Industrial Average 2 Minute (Dow Jones Indices: .DJI) made further gains today, finishing up 33 points, or 0.2%. Initial unemployment claims last week dropped to 340,000, a five-year low, down from 347,000 the week before, and better than analyst estimates of 350,000. Continuing claims were also near a five-year low, at 3.094 million.
Data on the international trade balance and productivity were roughly in line with expectations.
Not surprisingly, Bank of America Corp (NYSE:BAC) reacted well in the run-up to the Fed report, which was released after hours, as it gained 2.9% on the day.
The results showed B of A would lose $44 billion, or 2.3% of its total assets, over the next nine quarters under the Fed’s worst scenario, which includes the unemployment rate jumping to 12%, and the Dow getting cut in half. According to the test, the bank is capitalized well enough to survive such a scenario. Shares were down 0.6% after hours. JPMorgan Chase & Co. (NYSE:JPM) was also a strong performer on the day, gaining 1.2%.
The Boeing Company (NYSE:BA) shares also jumped 2.5%, as Ray Conner, the CEO of the manufacturer’s commercial airplanes division, said that a solution to the battery fires should come “in weeks, not months.” Other reports today showed that the company had considered the risk of a battery fire nearly impossible during the 787’s design and production phase. Oddly, shares of the aerospace-maker reached a 52-week high, even as delays in delivery and possible blowback airlines, including one that recently sued The Boeing Company (NYSE:BA), could hurt profits.
On the other side of the coin, Exxon Mobil Corporation (NYSE:XOM) fell nearly 1% after evidence came out in a trial in New Hampshire that the oil giant knew it was using a chemical, MTBE, that could endanger the water supply. An Exxon Mobil Corporation (NYSE:XOM) executive insisted that his company had no alternative, as use of the chemical is required by the Clean Air Act. The state of New Hampshire is seeking damages of at least $245 million in the case.
Finally, after hours, shares of Pandora Media Inc (NYSE:P) were up 21% after the music streamer beat estimates, and said that its CEO, Joe Kennedy, would be leaving the company. Revenue of $125.1 million topped expectations of $122.8 million on strong growth in its mobile division, and its EPS loss of -$0.04 was a penny better than expected. Guidance was mostly better than expected. Kennedy’s decision seemed to be entirely his own, as he’s spent 10 years in the position, and he will stay on until the company finds a replacement.
The article Dow Heads Higher Again originally appeared on Fool.com and is written by Jeremy Bowman.
Fool contributor Jeremy Bowman has no position in any stocks mentioned. The Motley Fool owns shares of Bank of America.
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