Stocks continue rally, end trading day higher

Strong earnings reports from blue chip companies lifted stocks across the market Thursday as the major indexes finished the trading day with gains.

According to preliminary calculations, the Dow Jones industrial average added to its 2011 high, rising 52.45, or 0.42 percent, to 12,505.99. The broader S&P 500 index gained 7.02, or 0.23 percent, to 1,337.38. The Nasdaq composite index rose 17.65 points, or 0.63 percent, to 2,820.16.

Apple Inc. rose nearly 3 percent after reporting sales and income late Wednesday that came in way ahead of analysts' estimates. The company sold 18.7 million iPhones in the latest quarter, millions more than expected. Verizon Wireless started selling the phones in February, ending three and a half years of exclusivity by AT&T Inc.

The Travelers Companies Inc. rose 3 percent, leading the 30 companies in the Dow Jones industrial average, after reporting stronger earnings and a 14 percent dividend increase. The commercial insurer benefited from a drop in losses from catastrophe claims and more companies buying insurance.

UnitedHealth jumped nearly 8 percent after the health insurer said profits rose 13 percent as more employees signed up for coverage.

The stronger earnings results were tempered by a weaker-than-expected job market report. The Labor Department said Thursday that the number of people who applied for unemployment benefits fell last week to 403,000. Economists had expected a larger drop.

Some blue chip companies fell after investors found worrying signs in their earnings reports.

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McDonald's Corp. fell 2 percent despite beating analyst's earnings estimates after the company said it expects the cost of most of its ingredients to rise by as much as 5 percent throughout the year.

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General Electric Co. dropped nearly 3 percent, despite beating earnings estimates. The company said revenues at its industrial businesses were not growing as quickly as the company's rivals.

Better earnings from Intel Corp. and other technology companies sent stocks higher Wednesday and drove the Dow Jones industrial average to a new 2011 high. The Nasdaq composite index gained 57 points, its biggest one-day jump in six months.

The gains turned all three indexes positive for the holiday-shortened week. Stocks took a steep drop Monday after Standard & Poor's warned that it might lower its AAA rating on U.S. government debt. Markets will be closed on Friday for the Good Friday holiday.