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The biggest stock market news today: After five sessions of declines – the longest consecutive streak of losses so far this year – stocks finally closed higher.
The Dow Jones Industrial Average closed at 15,328.49, for a 55.23-point gain. The Standard & Poor's 500 rose 5.90 to 1,698.67, and the Nasdaq closed up 26.33 at 3,787.43.
In stock market news today, new applications for unemployment benefits fell by 5,000 to 305,000 last week, according to the Labor Department's report today. However, that number is slightly shy of the 300,000 new applications economists expected.
As for the gross domestic product (GDP), that report was unchanged, meaning the U.S. economy grew to the reported 2.5% in the second quarter.
Here are the biggest stocks making news today:
Stock Market News Today: IPOs
Several companies are making headlines this week with their initial public offering (IPO) plans, including Twitter, Alibaba, and Chrysler.
Alibaba, a China-based tech company long anticipated to rival Facebook as one of the largest IPOs, is forging ahead with plans to join the stock market in New York, according to a New York Times article today. This offering could fetch as much as $75 billion, about twice as large as Yahoo! Inc. (Nasdaq: YHOO).
And investors are also braced for a noteworthy IPO from Chrysler, which filed for an offering earlier this week.
If the recent IPO by Rocket Fuel Inc. (Nasdaq: FUEL) is any indicator, the IPO market is fairly healthy these days. Rocket Fuel shares nearly doubled their value after the company sold more than 4 million shares at the high end of its price range of $27 to $29 since debuting last week.
Rocket Fuel, a tech company that provides data-driven modeling and artificial intelligence, is now trading at about $56.30 per share, giving the company a market cap of about $1.8 billion.
Among the companies launching an IPO this week, Premier (Nasdaq: PINC), a healthcare performance improvement alliance helping hospitals and health systems, is set to join the NASDAW Global Select Market today. Premier priced its IPO of 28,151,958 shares of its common stock at $27 per share.
Yesterday, BDC Capitala Finance Corp. (Nasdaq: CPTA), a public business development company, launched its IPO at $20 per share, raising about $80 million. CPTA traded around $19 today.