US Stocks Extend Records
All three major Wall Street indices closed at record highs on Thursday after the Federal Reserve resumed easing interest rates and indicated more cuts are likely this year.
The S&P 500 rose 0.5% and the Nasdaq 100 jumped 0.9% both extending their records from previous session, and the Dow added 123 points. Investors welcomed the Fed’s quarter-point reduction and the prospect of two additional cuts, interpreting the move as a shift toward supporting growth rather than strictly controlling inflation.
Tech stocks led the rally, with Intel soaring more than 22% after Nvidia announced a $5 billion investment to co-develop chips, while Nvidia gained 3.5%. On the economic front, initial jobless claims fell sharply to 231,000 from a four-year high, alleviating some concerns about labor market weakness.
Source: Trading Economics.com