Stocks close at fresh record highs for first time since July
The S&P 500 closed at a record high on Thursday, up 1.7% to 5713.6, the session following the Federal Reserve’s half-point rate cut. The Nasdaq 100 advanced 2.6%. The Russell 2000 Index of small cap stocks also added 2.1%.
Thursday’s jobless claims data showed fewer claims for unemployment benefits than expected, buoying bets on a soft landing for the US economy.
Technology stocks led the market rally. All Magnificent Seven stocks climbed more than 1%. Tesla gained 7.4%, among the top S&P 500 performers of the day. Meta’s stock was up 3.9% and closed at $559.1, the highest closing price on the record. The Technology Select Sector SPDR Fund gained 2.9%, while the VanEck Semiconductor ETF was up 4.3%.
Among other sectors, utilities, consumer staples, and real estate were the only ones that declined.
Gold reached another all-time high, as spot gold rose 1.2% to $2,588.6 per ounce. Oil futures also gained, as WTI crude futures for October settled up 1.5% at $72 per barrel, while Brent for November was up 1.7%.
The yields on 10-year Treasuries advanced 3 basis points, while the yields on two-year Treasuries fell by about 2 basis points.
