US STOCKS-Nasdaq leads Wall St higher as momentum names recover

jueves 8 de mayo de 2014 12:17 GYT

* Yellen testimony little changed from remarks Wed

* Priceline, Tesla bounce from early lows

* Indexes up: Dow 0.52 pct, S&P 0.5 pct, Nasdaq 0.93 pct (Adds earnings data, updates prices)

By Chuck Mikolajczak

NEW YORK, May 8 (Reuters) - U.S. stocks rose on Thursday, as a turnaround in beaten-down momentum names boosted the Nasdaq while initial jobless claims data, which suggested the labor market was improving, helped lift the broader market.

Initial claims for state unemployment benefits declined 26,000 to a seasonally adjusted 319,000 for the week ended May 3, snapping three weeks of declines. Economists polled by Reuters had forecast first-time applications for jobless benefits to fall to 325,000 last week.

After falling 1.7 percent over the past two sessions, the Nasdaq rebounded as heavy momentum names bounced off earlier lows. Tesla Motors halved its losses in the session so far and was down 5.7 percent at $189.87.

The Global X Social Media Index ETF, which had fallen more than 14 percent since April 22 heading into Thursday's session, advanced 2.9 percent.

"It's driven a little bit by the volatility in the big Nasdaq names, notably the momentum stocks, which I guess at least some investors felt maybe made a temporary bottom this morning. When they turned positive, it gave some confidence to the overall market," said Rick Meckler, president of LibertyView Capital Management in Jersey City, New Jersey.   Continuación...