At 4:41 a.m. ET, S&P 500, Nasdaq-100 and Dow Jones industrial average futures were a shade higher.

Futures measure current index values against their perceived future performance and offer an indication of how markets may open when trading begins.

Stocks have been on a roll recently. The Dow hit a fresh one-year high Thursday and closed above the 10,000 mark for the second straight session.

Earnings: Bank of America (BAC, Fortune 500) and General Electric (GE, Fortune 500) are on tap to post quarterly results before U.S. markets open.

Google (GOOG, Fortune 500) reported results late Thursday that surpassed Wall Street's estimates and said that the worst of the recession is over.

Tech bellwether IBM (IBM, Fortune 500) also posted better-than-expected earnings Thursday. But shares dropped in after-hours trading as investors expressed disappointment with its lower revenue.

Economy: A reading on industrial production and capacity utilization is due out at 9:15 a.m. ET.

That's followed by the University of Michigan's consumer sentiment survey, which comes out at 10 a.m. ET.

World markets: Stocks finished mixed in Asia. The Nikkei in Japan rose slightly while Hong Kong's Hang Seng index posted mild losses. Major European indexes were higher in morning trading. 

NEW YORK (CNNMoney.com) -- The Dow carved out another one-year high Thursday as rising oil prices and a late-session rally overshadowed bank sector caused by Citigroup's and Goldman Sachs' profit reports.

The Dow Jones industrial average (INDU) gained 47 points, or 0.5%, closing above 10,000 for the second session in a row. The Dow is currently at its highest point since Oct. 3, 2008, when it closed at 10,325.38.

The S&P 500 (SPX) index edged up 4 points, or 0.4% and the Nasdaq composite (COMP) ended just above unchanged.

Weakness in financial shares dragged on stocks through the early afternoon. But a 3% spike in oil prices caused energy stocks to rise late in the session, with Dow stocks Chevron (CVX, Fortune 500) and Exxon Mobil (XOM, Fortune 500) among the big gainers.

After the close, Google (GOOG, Fortune 500) reported a third-quarter profit that topped estimates, sending shares 2% higher. Google CEO Eric Schmidt said in a statement that "we believe the worst of the recession is behind us and we now feel comfortable investing heavily in our future."

Also after the close, Dow component IBM (IBM, Fortune 500) reported higher quarterly earnings that topped estimates and lower quarterly revenue that topped estimates. Looking forward, the company said it expects full-year 2009 earnings of at least $9.85 per share versus its previous forecast of $9.70 per share.

Friday brings the October consumer sentiment index from the University of Michigan and government readings on September industrial production and capacity utilization. Dow stocks Bank of America (BAC, Fortune 500) and General Electric (GE, Fortune 500) are both expected to report results before the start of trading.

Strong quarterly results from JPMorgan Chase and Intel helped fuel a big advance on Wall Street Wednesday, pushing the Dow to close above 10,000 for the first time in over a year. But stronger-than-expected results from Citi and Goldman had less impact Thursday.

The 10,000 number is more psychological than anything else, as it's a round number and also puts the Dow back to where it stood just after the collapse of Lehman Brothers last year. But analysts say that the just-getting-started third-quarter reporting period is what's really going to determine whether stocks keep moving higher.

The early results have been good -- with roughly 75% of companies beating earnings estimates. Also, revenues have shown some stabilization. Should that trend continue, it would help assuage fears that cost-cutting is the only thing helping earnings stabilize and that little topline growth exists.

"The first real week or so is not necessarily indicative of what the rest of the earnings are going to look like," said Burt White, chief investment officer at LPL Financial. "That said, the trend of earnings beating expectations is going to continue. Conditions are improving faster than people have been expecting."

Results: Goldman Sachs (GS, Fortune 500) reported a $3.2 billion quarterly profit, thanks to strength in its trading business, which has recovered this year. The financial behemoth reported quarterly revenue and earnings that rose from a year ago and topped estimates.

The company's chief executive said the strong quarter was due to signs of stabilization and growth across a variety of sectors.

Citigroup (C, Fortune 500) reported a quarterly loss Thursday due to the ongoing impact of the credit crisis. But the loss was narrower than analysts had been expecting.

On Wednesday, JPMorgan Chase (JPM, Fortune 500) said it earned $3.6 billion in the quarter, also due to strength in its investment business.

Economy: The morning brought a mix of economic news, with readings on consumer inflation, jobs and manufacturing all in the mix.

The Consumer Price index (CPI) rose 0.2% in September, after rising 0.4% in August. The rise was in line with a consensus of economists surveyed by Briefing.com.

The so-called core CPI, which strips out volatile food and energy, rose 0.2% after rising 0.1% in August. Economists thought it would rise 0.1%.

Around 514,000 people filed new claims for unemployment last week, down from a revised 524,000 in the previous week. Economists expected 520,000 new claims.

Continuing claims, a measure of those who have been receiving benefits for a week or more, fell to 5.992 million from 6.067 million in the previous week, versus forecasts for a smaller drop to 6 million.

Two regional manufacturing reports were also released. The Philadelphia Fed index dipped to 11.5 in October from 14.1 in the previous month, versus forecasts for a smaller slide to 12.

The Empire State Manufacturing Index, which measures activity in the New York region, rose to 34.57 in October from 18.88 in September. Economists thought it would fall to 17.25

Bonds: Treasury prices fell, boosting the yield on the 10-year note to 3.46% from 3.42% late Wednesday. Treasury prices and yields move in opposite directions.

Currency and commodities: The dollar fell versus the euro and gained against the yen, turning mixed after its recent across-the-board weakness versus a basket of currencies.

U.S. light crude oil for November delivery rose $2.41 to $77.59 a barrel on the New York Mercantile Exchange, following the morning's weekly inventories report from the government. Oil prices ended the previous session at the highest level in a year.

COMEX gold for December delivery fell $14.90 to $1,049.00 an ounce. Gold has been hitting record highs almost daily in response to a weak U.S. dollar and ongoing concerns about inflationary pressures. 

Economic reports were also on investors' minds, as the government reported a key inflationary gauge showed slight signs of pressure. A separate report showed the number of people filing for first-time unemployment fell in the latest week, but slightly less than forecast.

S&P 500, Nasdaq-100 and Dow Jones industrial average futures were lower but regained some ground following the economic reports.

Futures measure current index values against their perceived future performance and offer an indication of how markets may open when trading begins.

Wall Street rallied Wednesday on earnings optimism, following upbeat profit reports from Intel (INTL) and JPMorgan Chase (JPM, Fortune 500). The surge lifted the Dow to its first close above 10,000 in a year.

"Once you breach a psychological barrier like that, the temptation is to think that those who have sat on the sidelines will get involved," said Ken Wattret, economist with BNP Paribas in London. "That could propel the market higher."

But crossing the barrier could also inspire traders to cash in their chips and prompt a selloff, said Wattret. He said that it's hard to tell what type of impact that crossing Dow 10,000 will have on the markets. What's more telling, he said, is that "the momentum in the markets looks pretty strong," even if it does seem a bit "stretched."

"As long as the earnings news remains quite favorable, why would the market fall out of bed right now?" said Wattret.

Earnings: Goldman Sachs (GS, Fortune 500) reported better-than-expected third-quarter earnings of $3.19 billion, or $5.25 per share. Analysts had expected EPS of $4.24, according to Thomson Reuters. Goldman also reported third-quarter revenue of $12.37 billion.

Chief executive Lloyd Blankfein attributed the strong quarter to "improving conditions and evidence of stabilization, even growth, across a number of sectors."

Citigroup (C, Fortune 500), still reeling from the sharp pain of the credit crunch, reported a quarterly loss of 27 cents a share. Revenue topped $20.4 billion.

JPMorgan Chase (JPM, Fortune 500) reported upbeat results Wednesday, helping to trigger the market rally.

Economic reports before the bell: The Consumer Price Index, a key inflation gauge rose 0.2% in September, according to a consensus of economist opinion from Briefing.com. This is compared to the prior month, when the CPI rose 0.4%.

The core CPI, which excludes volatile food and energy prices, is expected to have edged up 0.2% in September, slightly higher than the 0.1% forecast by Briefing.com. Core CPI gained 0.1% in August.

The number of people filing for first-time unemployment fell to 514,000 last week, slightly better than the 520,000 expected by a consensus of economist opinion from Briefing.com. Jobless claims have now dropped five out of the previous six weeks.

World markets: Upbeat sentiment about earnings lifted markets worldwide. In Asia, the Nikkei surged 1.8%. Major European indexes were higher in midday trading.

Money and oil: The dollar was higher against the euro and the yen, and lower versus the British pound.

The price of oil was little changed at $75.21 a barrel. On Wednesday, crude crossed the $75 level for the first time in a year. 

NEW YORK (CNNMoney.com) -- The Dow industrials closed above 10,000 Wednesday, ending at the key psychological milestone for the first time in more than a year, following upbeat profit reports from Intel and JPMorgan Chase.

The Dow Jones industrial average (INDU) rose 145 points or 1.5%, finishing at its highest point since Oct. 3, 2008, when it closed at 10,325.38.

The S&P 500 (SPX) index rose 19 points, or 1.8%, and the Nasdaq composite (COMP) added 32 points, or 1.5%.

The advance was broad-based, with 25 of 30 Dow stocks rising. JPMorgan Chase (JPM, Fortune 500), Caterpillar (CAT, Fortune 500), Chevron (CVX, Fortune 500), Hewlett-Packard (HPQ, Fortune 500), IBM (IBM, Fortune 500), 3M (MMM, Fortune 500), United Technologies (UTX, Fortune 500) and Exxon Mobil (XOM, Fortune 500) were the biggest contributors to the Dow's gains.

"Today's market action is all about Intel and JPMorgan and just earnings in general," said Tom Schrader, managing director at Stifel Nicolaus.

He said that the weak retail sales report, released Wednesday, indicates that the economic recovery is not going to be smooth sailing. Nevertheless, "people are looking forward," Schrader added.

While 10,000 is significant on a psychological level, it is not especially meaningful on a technical level.

"I don't put a lot of weight into it just because it's a round number," said Rick Bensignor, chief market strategist at Execution LLC. "The Dow isn't a benchmark for most portfolio managers."

He said that the number isn't going to bring in a new wave of buyers, not after the major gauges have spiked so much in the past seven months.

Since bottoming at 12-year lows in March of this year, the S&P 500 has surged a little over 61% as of Wednesday's close, and the Dow has jumped 53%.

"If the market keeps moving higher it will be because the earnings continue to surpass expectations," he said.

Other than a few modest pullbacks, stocks have mostly managed to keep moving higher, with investors jumping in to buy the dips on worries that they are missing the boat. Repeated calls for a correction of 10% to 15% have gone unmet, and are likely to continue going unmet for the short term, Schrader said.

"The problem is that it is consensus that we need a selloff and consensus is rarely right," he said.

Earnings: Two Dow issues reported better-than-expected third-quarter results, following component Alcoa (AA, Fortune 500)'s better-than-expected profit report last week. The results have fueled hopes that the third quarter could mark a turning point for corporate profits in the same way it seems to have marked a turning point for the economy.

JPMorgan Chase (JPM, Fortune 500) said it earned $3.6 billion in the quarter, as strength in its investment banking business tempered rising loan losses. The company said that consumer loan delinquencies are showing signs of stabilization, but that the trend may not continue.

JP Morgan reported higher quarterly sales and earnings that topped analysts' estimates, according to tracker Thomson Financial. Shares gained 3.3% Wednesday.

Late Tuesday, chipmaker Intel (INTC, Fortune 500) said quarterly sales and earnings fell from a year ago, but topped estimates.

Intel also issued a bullish forecast, saying that it expects fourth-quarter revenue of between $9.7 billion and $10.5 billion versus the $9.51 billion consensus. Intel also said it expects gross margins, a key measure of profitability, in the 59% to 65% range versus the 56.7% consensus. Shares gained 1.7% Wednesday.

Economy: Retail sales fell 1.5% in September, the Commerce Department said, surprising economists who were expecting sales to fall 2.1%.

Sales rose 2.7% in August thanks partly to the impact of the government's Cash for Clunkers auto stimulus program.

Sales excluding autos rose 0.5% in the month versus a rise of 1.1% in August. Sales were expected to rise 0.2%.

Import prices edged up 0.1% in September, the government said, after climbing 1.6% in August. Export prices fell 0.3% in September versus a revised 1.6% in August.

In the afternoon, the Fed released the minutes from the last interest-rate policy meeting. The bankers said that while the economic outlook has improved, activity is still weak. Additionally, most of the bankers raised their economic projections for the second half of the year and for the next two years.

World markets: Global markets were mixed. In Europe, London's FTSE 100 rose 2%, France's CAC 40 gained 2.1% and Germany's DAX added 2.5%. Asian markets ended higher, with the exception of Japan.

Bonds: Treasury prices tumbled, raising the yield on the 10-year note to 3.38% from 3.35% late Tuesday. Treasury prices and yields move in opposite directions.

Currency and commodities: The dollar fell versus the euro and the yen, extending its recent losses.

U.S. light crude oil for November delivery rose $1.03 to settle at $75.18 a barrel on the New York Mercantile Exchange, the highest level in a year.

COMEX gold for December delivery fell 30 cents to $1,064.70 an ounce after ending the previous session at a record close of $1,065. Gold has been hitting record highs almost daily in response to a weak U.S. dollar and ongoing concerns about inflationary pressures.

Market breadth was positive. On the New York Stock Exchange, winners beat losers five to two on volume of 1.35 billion shares. On the Nasdaq, advancers topped decliners by nearly three to one on volume of 2.38 billion shares. 

NEW YORK (CNNMoney.com) -- Wall Street struggled Tuesday as weakness in the financial sector and disappointment about Johnson & Johnson's results halted the Dow's attempt to reclaim 10,000.

The Dow Jones industrial average (INDU) lost 14 points, or 0.1%. The S&P 500 (SPX) index lost 3 points, or 0.3%, and the Nasdaq composite (COMP) ended just above unchanged.

After the close, Dow component Intel (INTC, Fortune 500) reported quarterly sales and earnings that topped estimates.

The chipmaker also issued a bullish forecast, saying that it expects fourth-quarter revenue of between $9.7 billion and $10.5 billion vs. the $9.51 billion consensus. Intel also said it expects gross margins, a key measure of profitability, in the 59% to 65% range versus the 56.7% consensus.

Dow component JPMorgan Chase (JPM, Fortune 500) reports results Wednesday morning. The financial company is expected to report a profit of 49 cents per share versus 11 cents a year ago.

Also Wednesday: reports are due on September retail sales, August business inventories and September import and export prices.

Tuesday's market: Stocks slipped at the start as traders braced for the first big wave of quarterly results this week. Gold touched a fresh record high and the dollar weakened. Treasury prices rallied, sending yields lower.

Stocks briefly turned higher in the late morning, before heading lower again.

Since bottoming at a 12-year low in March, the S&P 500 has gained nearly 59%, as of Monday's close, with any modest pullbacks being met by a new wave of buying.

With more than $3 trillion sitting in money market accounts and few better options, investors are feeling increasingly compelled to put cash into equities, said Rob Lutts, chief investment officer at Cabot Money Management.

"The common thought is that the market has run ahead of a recovery and that a correction is going to happen, but the reality is that the money has to go somewhere," he said.

"We probably are ahead of the fundamentals, but that doesn't mean we can't keep going higher," he said.

The Dow has been moving closer to 10,000, a key psychological barrier that could give stocks another leg up, or trigger a selloff. The market last closed above 10,000 a year ago, on Oct. 3, 2008.

Stocks posted tepid gains Monday on a light news day as investors got a little gun shy after pushing the Dow and S&P 500 to fresh one-year highs. On Tuesday, the focus turned to the quarterly results period, which heats up this week.

Results: Last week, Dow component Alcoa (AA, Fortune 500) got the third-quarter results period underway, reporting revenue and earnings that topped estimates.

That was good news to Wall Streeters, who are looking for revenues to have grown or at least stabilized after a second quarter in which topline growth was non-existent and any earnings improvement was driven by cost cutting.

On Tuesday, Johnson & Johnson (JNJ, Fortune 500) became the second Dow component to report results. The drug and medical products maker reported higher quarterly earnings that beat estimates thanks to cost cutting and a one-time tax benefit. The company also reported weaker quarterly revenue that missed expectations.

J&J boosted its 2009 earnings guidance to a range of $4.54 to $4.59 per share, versus an earlier range that topped out at $4.55 a share. Nonetheless, investors focused on the negative and shares fell 2.5%.

Other Dow gainers included Home Depot (HD, Fortune 500), Chevron (CVX, Fortune 500), DuPont (DD, Fortune 500) and Wal-Mart Stores (WMT, Fortune 500).

Financials: Goldman Sachs (GS, Fortune 500) slipped 1.5% after Merideth Whitney Advisors downgraded it to "neutral" from "buy."

That pressured a number of other financial shares, including Dow components Bank of America (BAC, Fortune 500), JPMorgan Chase (JPM, Fortune 500) and Travelers Companies (TRV, Fortune 500).

Bank of America said it will waive attorney-client privilege and hand over legal documents related to its controversial merger with Merrill Lynch. The company has been under pressure from regulators for months to provide more information on the purchase.

CIT Group (CIT, Fortune 500) tumbled 11.5% after the lender's CEO said he would resign by the end of the year.

Cisco: Cisco Systems (CSCO, Fortune 500) said it is buying Starent Networks (STAR) for $2.9 billion in cash. Starent makes gear that enables wireless carriers to tie their networks to the Internet.

World markets: Global markets were mixed. In Europe, London's FTSE 100 fell 1.1%, while France's CAC 40 and Germany's DAX both lost 1.2%. Asian markets ended higher, with the Japanese Nikkei up 0.6%.

Bonds: Treasury prices rallied, lowering the yield on the 10-year note to 3.32% from 3.30% late Friday, as bond markets were closed Monday for Columbus Day. Treasury prices and yields move in opposite directions.

Bond prices built on gains after Fed governor Donald Kohn said that while the pace of the economic recovery will pick up next year, the jobless rate will also keep rising, hitting 10% next year.

Treasury saw strong demand for its two debt auctions: $30 billion in 3-month notes and $30 billion in 6-month notes.

Currency and commodities: The dollar fell versus the euro and the yen.

U.S. light crude oil for November delivery rose 88 cents to settle at $74.15 a barrel on the New York Mercantile Exchange.

COMEX gold for December delivery rose $7.50 to settle at $1,065 an ounce, a record close.

Market breadth was negative. On the New York Stock Exchange, losers beat winners nine to seven on volume of 1.14 bllion shares. On the Nasdaq, decliners topped decliners seven to six on volume of 1.32 billion shares.  

NEW YORK (CNNMoney.com) -- The Dow inched closer to the 10,000 level Monday, carving out a fresh one-year high despite a choppy day on Wall Street as strength in banks and commodities vied with weakness in technology.

The Dow Jones industrial average (INDU) gained 20 points, or 0.2%, after rising as high as 9931.82 in the morning.

The S&P 500 (SPX) index gained nearly 5 points, or 0.4%, and the Nasdaq composite (COMP) was barely changed.

Stocks had posted bigger gains through the early afternoon but lost steam as the session wore on. Cisco (CSCO, Fortune 500), Hewlett-Packard (HPQ, Fortune 500) and Dell (DELL, Fortune 500) were among the big tech decliners, while heavy-weight Dow stocks such as Boeing (BA, Fortune 500) and United Technologies (UTX, Fortune 500) also retreated.

The Dow is moving closer to 10,000, a key psychological level that could trigger a more aggressive wave of buying -- or a big selloff.

The Dow last crossed 10,000 on Oct. 7, 2008, when it briefly touched 10,124.03. The Dow last closed above 10,000 on Oct. 3, 2008, when it ended at 10,325.38.

Analysts say it could hit that point later this week, depending on how the third-quarter reporting period goes. In particular, investors are looking for another roundd of better-than-expected earnings and even some stabilization in revenue.

"We're likely to see continued improvement on the heels of the increases we saw in the second quarter," said Dan Genter, president and CEO at RNC Genter Capital Management.

He said that the results may not show topline growth yet, but they are likely to show that it is more than just cost cutting driving the broad profits recovery.

"Assuming the earnings story doesn't blow up, stocks should keep moving higher," he said.

Stocks have already seen a massive surge this year, with the S&P 500 spiking 58% through Friday's close after bottoming out at a 12-year low in March.

Despite repeated calls for a big 10% to 15% selloff, the market hasn't given up more than 5% without buyers rushing back in. Genter said the market is likely to continue to avoid a big selloff, as many people remain under invested, with plenty of cash on the sidelines and no better place to put in than in stocks.

Results: This week brings results from a number of market-moving companies, including Dow components Bank of America (BAC, Fortune 500), JPMorgan Chase (JPM, Fortune 500), IBM (IBM, Fortune 500), Intel (INTC, Fortune 500), Johnson & Johnson (JNJ, Fortune 500) and General Electric (GE, Fortune 500).

Google (GOOG, Fortune 500), Nokia (NOK), Citigroup (C, Fortune 500) and Goldman Sachs (GS, Fortune 500) are among the other big names due to report.

Dow component Alcoa (AA, Fortune 500) started things off on a positive note last week, reporting earnings and revenue that were better than expected.

The aluminum maker's strong revenue results were especially notable, with investors focused on possible revenue growth after a quarter of little to none.

In the second quarter, there was little topline growth, and any improvement in earnings was driven mostly by cost cutting.

That trend could continue in the third quarter, but if Alcoa is an indication, some sectors and companies may see improvement. Year-over-year profits are expected to have fallen more than 20% from the third quarter of 2008.

World markets: Global markets were mixed. In Europe, London's FTSE 100 gained 0.9%, while France's CAC 40 and Germany's DAX both gained 1.4%. Asian markets ended lower, with the Hong Kong Hang Seng down 0.9%. The Japanese Nikkei was closed for a holiday.

Currency and commodities: The dollar fell versus the euro and gained against the yen.

U.S. light crude oil for November delivery rose $1.50 to settle at $73.27 a barrel on the New York Mercantile Exchange.

COMEX gold for December delivery rose $8.90 to settle at $1,057.50 an ounce, the fourth straight record high for the precious metal.

The bond market was closed for the Columbus Day holiday.

Market breadth was mixed. On the New York Stock Exchange, winners beat losers eight to seven on volume of 946 million shares. On the Nasdaq, advancers topped decliners seven to six on volume of 1.79 billion shares. 

NEW YORK (CNNMoney.com) -- Stocks rallied Thursday, with the major indexes flirting with 2009 highs, after Dow component Alcoa posted better-than-expected earnings and a report showed an unexpected drop in jobless claims.

The Dow Jones industrial average (INDU) rose 61 points, or 0.6%. The S&P 500 (SPX) index gained 8 points, or 0.8%, and the Nasdaq composite (COMP) climbed 14 points, or 0.6%.

Stocks ended mixed Wednesday as the previous two-day rally lost steam. Dow component Alcoa (AA, Fortune 500)'s after-the-bell announcement helped revive investors Thursday, starting off the financial reporting period on a positive note.

Stocks steadily moved higher as the session wore on, with the Dow briefly posting triple-digit gains, as 21 of 30 components rose.

"I think the market is clearly moving on expectations of better-than-expected earnings," said Tom Hepner, financial adviser at Ruggie Wealth Management. "But I'm just not sure we're going to see that. There are still plenty of reasons to think that the market has gotten ahead of the recovery."

A weak dollar, along with rising oil and gold prices, gave a lift to dollar-sensitive multi-nationals such as Dow components 3M (MMM, Fortune 500), GE (GE, Fortune 500) and Johnson & Johnson (JNJ, Fortune 500). The oil rise lifted Chevron (CVX, Fortune 500), Exxon Mobil (XOM, Fortune 500) and other commodity names.

Gold closed at a record $1,056.30 an ounce and hit an electronic trading high of $1,062.70 during the day Thursday.

Market breadth was positive. On the New York Stock Exchange, winners beat losers by nearly three to one on volume of 1.28 billion shares. On the Nasdaq, advancers topped decliners five to four on volume of 2.42 billion shares.

Results: Third-quarter S&P 500 earnings as a whole are expected to decline more than 20% from a year ago, with materials, energy and industrials leading the decline. That means S&P 500 earnings will have slumped for nine straight quarters, the longest streak since earnings tracker Thomson began calculating the numbers.

But separate from the big picture, Wall Streeters are looking to see if individual companies are starting to see any earnings growth, beyond the impact of cost-cutting. In the second quarter, more than 70% of companies reported results that topped estimates, due to reducing costs. But few market-moving companies reported sales growth or revenue that topped estimates.

Cost-cutting is expected to continue to drive results this quarter, but topline growth could be improving at least in some sectors, if Alcoa is an indication.

The aluminum maker reported quarterly earnings and revenue that dropped from a year ago, but handily beat estimates. Shares rallied in extended-hours trading and also gained 2% Thursday.

Economy: Around 521,000 Americans filed new claims for unemployment last week versus forecasts for 540,000, the Labor Department reported. The number was the lowest in more than 9 months. Around 554,000 Americans filed unemployment claims in the previous week.

Continuing claims, a measure of those who have been receiving benefits for a week or more, fell to 6.040 million from 6.112 million the previous week.

The Commerce Department said wholesale inventories fell 1.3% in August versus forecasts for a drop of 1%. Inventories fell 1.6% in the previous month.

World markets: Global markets rallied. In Europe, London's FTSE 100 gained 0.9%, while France's CAC 40 and Germany's DAX both gained 1.3%. Asian markets ended higher.

Currency and commodities: The dollar fell versus the euro and yen, extending its recent slide against a basket of currencies.

U.S. light crude oil for November delivery rose $2.12 to settle at $71.69 a barrel on the New York Mercantile Exchange.

COMEX gold for December delivery rose $11.90 to settle at a record $1,056.30 an ounce, the third straight record high for the precious metal.

Bonds: Treasury prices tumbled, raising the yield on the 10-year note to 3.24% from 3.18% late Wednesday. Treasury prices and yields move in opposite directions.