Stocks climb on strong earnings

U.S. stocks closed sharply up Thursday, snapping a two-day losing streak.

Investors cheered strong earnings from Wal-Mart Stores, Cisco Systems and others. Technology stocks accounted for much of the market’s gains, helping lift the Nasdaq composite index to its first record high in just over a week. Healthcare firms and consumer product makers posted solid gains. Energy and utilities stocks lagged. Oil prices declined.

The rally knocked the major stock indexes into positive territory for the month, as investors seized on the encouraging earnings news to buy shares the day after the market suffered its worst decline in two months.

“The desire to buy in dips has been very, very strong,” said Erik Davidson, chief investment officer for Wells Fargo Private Bank.

Data storage firm NetApp vaulted 15.9% to $53.11 — the biggest gainer in the Standard & Poor’s 500 index — as investors applauded its results and forecasts.

Cisco Systems also delivered a bigger profit than expected. The internet gear maker said revenue should grow in the current quarter after two years of declines. Cisco shares climbed 5.2% to $35.88, their biggest gain since February 2016.

Wal-Mart jumped 10.9% to $99.62, its biggest gain since 2008, after posting strong quarterly results and raising its profit outlook.

A forecast for better fullyear sales helped lift J.M. Smucker 9.5% to $116.65.

Best Buy fell 3.6% to $55.25 after the electronics retailer’s quarterly results and holiday-season forecast fell short of estimates.

The House vote Thursday to pass a tax-overhaul package didn’t have much effect on stocks.

Procter & Gamble rose 1.2% to $89.25 after activist investor Nelson Peltz said an independent count showed he won election to the board.

Time soared 28.1% to $16.20 after news reports that Meredith Corp. will make another offer for the magazine publisher.

In extended trading, Gap rose more than 6% after it reported a jump in profit that beat expectations.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.37% from 2.32%.

Benchmark U.S. crude fell 19 cents to $55.14 a barrel. Brent crude fell 51 cents to $61.36 a barrel. Wholesale gasoline fell 3 cents to $1.71 a gallon. Heating oil fell a penny to $1.90 a gallon. Natural gas fell 3 cents to $3.05 per 1,000 cubic feet.

Gold edged up 50 cents to $1,278.20 an ounce. Silver rose 10 cents to $17.07 an ounce. Copper fell 1 cent to $3.05 a pound.

The dollar rose to 112.98 yen from 112.89 yen. The euro fell to $1.1765 from $1.1794.