U.S. STOCKS, BONDS

Telecommunications and materials stocks drove the Standard & Poor's 500-stock index to a fifth advance in a row after a string of firm earnings reports and an upbeat reading from the labor market.

The S&P 500 added 6.37 points, or 0.4%, to 1585.16, while the Dow Jones Industrial Average rose 24.50 points, or 0.2%, to 14700.80 for its fourth gain in five sessions.

The Nasdaq Composite Index gained 20.33 points, or 0.62%, to 3289.99. Helping to boost enthusiasm for stocks was a report that Americans applying for jobless benefits fell to 339,000 last week, lower than expected and the second-lowest level since January 2008, according to the Labor Department.

Investors also said that rising expectations the European Central Bank might look to cut interest rates helped support stocks. Goldman Sachs said in a report that it expects the ECB to cut interest rates in May.

The stock market continued higher even as the Chicago Board Options Exchange delayed trading for most of the session due to a technical glitch.

Shares of CBOE Holdings rose 0.4%. Materials stocks were strong after big gains from Cliffs Natural Resources and Dow Chemical.

Cliffs, the largest North American iron-ore producer, jumped 15% after reporting a smaller-than-expected decline in first-quarter earnings. Dow Chemical rose 5.6% after its quarterly profit topped analyst estimates.

Akamai Technologies, which runs a network of servers and other equipment that speed delivery of Web content, rallied 17% and led the S&P 500 after reporting first-quarter results that topped its forecast and giving an upbeat outlook.

3M slid 2.8% after it reported quarterly results that lagged analysts' forecasts and trimmed its earnings forecast for the year. Safeway dropped 14% after the grocer's identical-store sales came in below the company's expectations.

EUROPEANS STOCKS, BONDS

European stock markets posted their longest winning streak of the year Thursday, after U.K. economic-growth data beat expectations, showing the nation didn't slip into a triple-dip recession.

The Stoxx Europe 600 index rose 0.8% to close at 296.88, extending gains into a fifth straight session. Shares of British American Tobacco PLC added 1.2%, after the firm said first-quarter revenue rose 5% at constant exchange rates.

Additionally, the board said it's confident of another year of earnings growth in line with long-term strategic goals. Shares of Kazakhmys PLC jumped 4.3%. The miner said it's on track to meet its full-year copper output target.

Shares of Banco Santander SA dropped 2.4%, after the bank said first-quarter net profit dropped 26%, hit by tough economic conditions in key markets, especially Spain and the U.K.

European stocks erased losses in midmorning action after data from the U.K. Office for National Statistics showed the economy expanded by 0.3% in the first quarter, exceeding expectations of 0.1% growth.

A negative reading would have pushed the U.K. economy into a recession for the third time in five years.

Other recent data from the euro zone weren't as upbeat, however, stoking speculation of a 25-basis-point rate cut at the European Central Bank's policy meeting next week.

On Wednesday, data showed business confidence slipped in Germany in April, following downbeat purchasing managers' indexes the prior day. Among country-specific indexes, the U.K.'s FTSE 100 index closed 0.2% higher at 6,442.59.

Shares of Unilever PLC slid 3% after the consumer-goods firm reported first-quarter sales growth below expectations. AstraZeneca PLC lost 1.9% after the drug maker reported a 36% drop in first-quarter pretax profit, falling short of analysts' expectations.

Shares of Vodafone Group PLC added 1.7% after a media report said Verizon Communications Inc. plans to bid for joint venture Verizon Wireless. Verizon declined to comment on the report. France's CAC 40 index closed down 0.1% at 3,840.47, while Germany's DAX 30 index gained 1% to 7,832.86.

Shares of Munich Reinsurance Company added 1.7% in Frankfurt after the firm said it expected first-quarter after-tax profit close to 1 billion euros ($1.3 billion). Spain's IBEX 35 index lost 0.3% to 8,365.10, after data showed unemployment jumped to a new all-time high above 27%.

ASIA-PACIFIC STOCKS, BONDS

Asian markets saw a mixed performance Thursday amid a lack of clear drivers following a mostly flat close on Wall Street Wednesday and a weaker-than-expected reading on U.S. durable goods orders.

Market closures in Australia and New Zealand for holidays also lent to the sluggish mood. Japan's Nikkei Stock Average added 0.6% to 13,926.08, as investors remained cautious before Friday's Bank of Japan policy meeting outcome where they are seeking any indication on what the central bank's next course of action may be.

Nintendo fell 5.9% after the firm reported a Y36.41 billion operating loss for the just-ended financial year, its second straight annual operating loss.

Canon dropped 6.4% after reporting a 33.5% on-year decline in net profit to Y40.91 billion for the first quarter. Hong Kong's Hang Seng Index added 1% to 22,401.24 while the Shanghai Composite Index lost 0.9% to 2,199.31 in the mainland.

Bank of Communications was off 0.4% and Bank of China was down 0.7% in Shanghai as investors awaited their results due after market closure Thursday.

The financial sector was also dragged by news that Chinese regulators were investigating certain bond-trading activities that could raise risks in one of the world's fastest-growing debt markets, according to people with direct knowledge of the matter, after a recent slew of arrests of traders and other fixed-income personnel at Chinese financial institutions.

Taiwan shares ended flat at 8,021.75, after health officials there reported on Wednesday the first case of human infection of the deadly H7N9 bird flu strain found outside China's mainland and said that three health-care workers who treated the patient had developed undiagnosed respiratory symptoms, raising concerns over the virus's potential for spreading by human-to-human contact.

Tourism-related companies were weighed by the news with China Airlines down 2.2%, while Formosa International Hotel lost 0.6%.

South Korean shares ended higher after encouraging growth figures. The export-reliant nation posted 0.9% on-quarter growth in gross domestic product for the first quarter, outpacing expectations for a 0.7% expansion and marking the fastest pace of growth on a quarterly basis in two years.

The forecast-beating GDP figures as well as foreign buying helped buoy the Kospi Composite, which rose 0.8% to 1,951.60.

COMMODITIES

Copper prices charged upward Thursday amid bargain-buying and as upbeat economic data from the U.S. and U.K. led market participants to abandon short positions.

However, a high reading for Spanish unemployment highlighted the poor demand outlook from the euro-zone region. At the close of open-outcry trading, London Metal Exchange three-month copper was 2.1% up on the day at $7,180 a metric ton, with all metals closing higher.

Crude-oil futures prices settled at two-week highs Thursday on concerns over tightening supplies, while U.S. gasoline demand heats up ahead of the peak spring-summer driving season.

Light, sweet crude oil for June delivery on the New York Mercantile Exchange climbed 2.4%, or $2.21 a barrel, to $93.64 a barrel, the highest price since April 10.

The rise followed a 2.5% gain on Wednesday that was the biggest rise for the year. Gold prices ended at their highest level in nearly two weeks, as investors drew confidence from data showing central banks' purchases of gold in March while brisk demand for gold coins, jewelry and bullion bars in Asia continued.

The most actively traded contract, for June delivery, settled up $38.30, or 2.7%, at $1,462.00 a troy ounce on the Comex division of the New York Mercantile Exchange. Compiled from MORRISON SECURITIES PTY. LTD.