Major market indices reach 2009 highs with gains stretched across most sectors. The Dow ($INDU) gained 80.26 points to a level of 9,627.48. The S&P 500 ($SPX) added 10.77 points to 1,044.14. The Nasdaq ($COMPQ) tacked on 23.63 points, or 1.15 percent, to 2,084.02. Volume picked up on the session with the NYSE trading 1.58 billion shares and the Naz turning over 2.48 billion shares. Market breadth was positive on the session by a 23-to-7 and 18-to-9 margin on the Big Board and Naz respectively.

September is known for being the least productive month during the year, yet the bulls have pushed stocks higher for five straight sessions. Thursday's gains were led by technology stocks, along with solid gains in financials and health care stocks. Texas Instruments (TXN) raised its revenue and earnings guidance and traders were pleased with a better than expected jobless claims report.

For the week ending Sept. 5, jobless claims fell by 20,000 to a level of 550,000. Estimates were for a higher reading of 565,000 with the four-week moving average sitting at 570,000. Continuing claims also fell for the prior week, down 159,000 to 6.088 million. This is the lowest level for continuing claims since April. In other economic news, the trade deficit in July fell to $-32.0 billion from $-27.0 billion in June. This is being viewed as a positive with businesses appearing to be gambling on a recovery with a spike in imports outside of oil.

Shares of TXN actually fell 0.56 percent Thursday despite raising its guidance for revenues and earnings. The semiconductor maker now sees earnings per share between 37 cents and 41 cents, up from a range between 29 cents and 39 cents. Revenues are now seen between $2.73 billion and $2.87 billion with prior estimates between $2.50 billion and $2.80 billion. Overall, the Semiconductor HOLDRs (SMH) flat on the session.

Oil stocks continued their gains Thursday following a fourth straight day of gains for crude. A larger than expected decline in weekly inventory levels pushed crude higher by 63-cents a barrel to $71.94. This helped energy related stocks rise with Chevron (CVX) up 1.59 percent. Overall, the Oil Services HOLDRs (OIH) gained 2.15 percent to 111.28.

Media companies also saw solid gains with Disney (DIS), Time Warner (TWX) and CBS (CBS) all up on the session. These gains came after Goldman Sachs raised the sector to "Attractive" from "Neutral." Shares of these three companies rose 5.23 percent, 3.65 percent and 8.44 percent respectively.

Jody Osborne
Senior Writer & Options Strategist
Optionetics.com ~ Your Options Education Site