Stocks jump, Pinterest and Zoom shares begin trading

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Stocks advanced ahead of a holiday weekend, with market sentiment divided between two technology initial public offerings and the long-awaited release of special counsel Robert Mueller’s report on Russia’s election meddling.

The S&P 500 (^GSPC) rose 0.16%, or 4.61 points, as of market close, with Industrial stocks outperforming as shares of Honeywell (HON) closed higher by 3.78% on the heels of a strong first-quarter earnings report and guidance.

The Dow (^DJI) advanced 0.42%, or 110 points, while the Nasdaq (^IXIC) rose 0.02%, or 1.98 points.

U.S. equities reversed declines overnight, spurred in part by new data showed Germany’s manufacturing sector contracted for a fourth consecutive month. The euro fell to below $1.13 against the dollar (EURUSD=X), as investors considered the ongoing weakness in a key sector of the eurozone’s largest economy.

IHS Markit’s flash purchasing managers’ index for Germany’s manufacturing sector registered at 44.5 for April— up from March’s reading of 44.1 but below the key level of 50 to indicate contraction. However, activity in Germany’s services sector rose to a seven-month high of 55.6 for the month.

New domestic economic data came in strongly on Thursday, contributing to a bid higher in equities. Retail sales were up 1.6% in March, above consensus estimates for a 1.0% increase, while new unemployment claims unexpectedly fell to 192,000 for the week ending April 13, from 197,000 the week prior.

Politics pulled focus on Thursday as attention turned to the release of the redacted version of Special Counsel Robert Mueller’s final report. The investigation spanned a nearly two-year period, looking into Russian interference in the 2016 presidential election.

The Justice Department published the redacted report Thursday morning.

Attorney General William Barr spoke in a press conference at 9:30 a.m. ET ahead of the release of the report. He reiterated the headline finding released in a synopsis last month that President Donald Trump and members of the Trump administration were not found to have conspired with the Russians. The summary did not meaningfully move markets.

Barr added in the press conference Thursday that Mueller had found “10 episodes” of potential obstruction by Trump. However, he said he and Deputy Attorney General Rod Rosenstein disagreed with some of the legal theories to connect these to obstruction offenses.

Major stock exchanges across the U.S., U.K. and Germany will be closed on Friday in observance of Good Friday. SIFMA also recommended an early closure at 2 p.m. Thursday to trading in U.S. dollar-denominated fixed income securities.