Wall Street rallies on positive U.S. data; S&P 500 hits new record high.
Economic data helped ease concerns that the Federal Reserve is cutting rates in anticipation of a sharp economic slowdown.
The stock averages rose, driven by positive economic data and news of new fiscal stimulus for China’s economy.
All three major Wall Street indices posted gains, with the S&P 500 setting a new record on Thursday. The stock averages were boosted by encouraging economic data and the announcement of fiscal stimulus measures in China.
The Dow Jones Industrial Average, which tracks 30 major companies, rose 0.62% to 42,175.11 points. The S&P 500 gained 0.40% to 5,745.37, a new record, while the tech-heavy Nasdaq Composite advanced 0.60%, reaching 18,190.29 points.
Economic data helped ease concerns that the Federal Reserve is cutting rates in anticipation of a sharp economic slowdown. Unemployment claims dropped, and GDP grew by 3% in the second quarter.
Metal prices also received a boost after China pledged the necessary fiscal stimulus to meet its growth targets. Shares of copper and lithium mining companies saw gains, which in turn supported other sectors.
Among individual stocks, Micron Technology stood out, surging 14.73% after reporting better-than-expected fourth-quarter results and projecting first-quarter revenues that exceeded analysts’ expectations.
The Philadelphia SE Semiconductor Index advanced 3.46%, driven by a rally in chip stocks. Notably, Nvidia’s shares rose a modest 0.43%, extending its weekly gain to nearly 7%.
Meanwhile, Meta Platforms, the parent company of Facebook and Instagram, hit a new all-time high of $577.40, though it closed flat. This followed the company’s unveiling of new augmented and virtual reality developments the day before.
- Check out our free forex signals
- Follow the top economic events on FX Leaders economic calendar
- Trade better, discover more Forex Trading Strategies
- Open a FREE Trading Account
Related Articles
Comments
Sidebar rates
Related Posts
Save
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals