Afternoon Pickup Boosts ETFs, Stocks

Stocks solidified afternoon gains Thursday after a slow start to trading.

Most exchange-traded funds climbed or stayed put as investors digested President Obama's national health-care address and a better-than-expected report on new jobless claims.

Major indexes saw little early movement, but the Dow Jones Industrial Average closed up 80 points at 9627. The Nasdaq rose 24 to 2084, and the S&P 500 added 11 points to close at 1044.

Initial jobless claims declined 26,000 to 550,000 in the week ended Sept. 5, the Labor Department said. The four-week average of new claims, which aims to smooth volatility in the data, fell by 2,750 to 570,000 from the previous week's revised figure of 572,750. The national unemployment rate last week was pegged at 9.7%.

In an afternoon address to an oversight panel examining the government's financial stabilization efforts, Treasury Secretary Timothy Geithner said government rescue efforts are trailing off, but won't be stopped prematurely.

"The classic errors of economic policy during crises are to act late with insufficient force and then put the brakes on too early. We are not going to repeat those mistakes," Geithner said in testimony before the Congressional Oversight Panel.

For a detailed rundown on Thursday's trading session see our market story. 

The Claymore/MAC Global Solar Energy Index fund (TAN) climbed 4.1% following news that major holding First Solar (FSLR) planned to build a large plant in China. The SPDR S&P Oil & Gas Exploration & Production fund (XOP) rose 3.1% after the International Energy Agency increased energy-demand forecasts and OPEC kept production quotas unchanged.

The iPath Exchange Traded Notes S&P 500 VIX Short-Term Futures Index (VXX) dipped 4.0% as major indexes took a midsession upward swing. The PowerShares DB US Dollar Index Bullish fund (UUP) slipped 0.3% as rival currencies gained in value.

Earnings and Conference Calls
Brady Corp., Campbell Soup

Economic Data
8:30 a.m. Import and Export Prices
9:55 a.m. Consumer Sentiment
10:00 a.m. Wholesale Trade
2:00 p.m. Treasury Budget