Positive economic data from the Philadelphia Fed outweighed mixed retail earnings results and helped the major indexes gain ground Thursday. Yet, trading was light and the low trading volumes left many exchange-traded funds nearly flat.

The Dow Jones Industrial Average rose 70 points higher to close at 9349. The Nasdaq picked up 20 to 1989 and the S&P 500 was up 11 at 1007.

The Philadelphia Fed survey of manufacturing in the Mid-Atlantic region showed an unexpected turn to the positive for the month, swinging to 4.2 from -7.5 in July. Any reading over zero indicates a pickup in manufacturing activity.

Financial stocks also added to market gains, as American International Group, MBIA and E*Trade Financial Group all charged higher.

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

Winners

The rally in the financial sector helped push the SPDR KBW Bank fund 2.7% higher.

Losers

The United States Natural Gas fund shed 4.3% as gas inventories rose, according to the Department of Energy. The iShares S&P U.S. Preferred Stock Index fund shed 1.9% as corporate debt was shunned in favor of stocks.

Thursday s Industry Headlines

Launching Pad
ProFunds Group on Thursday launched a short-exposure exchange traded fund designed to replicate the inverse performance of long-term U.S. treasury bonds. The ProShares Short 20+ Year Treasury seeks to provide the opposite results of the Barclays Capital 20+ Year U.S. Treasury Index. The fund has an expense ratio of 0.95%.

Friday s Notebook

Earnings and Conference Calls
AnnTaylor Stores, J. M. Smucker, Solar Holding

Economic Data
10:00 a.m. Existing Home Sales