Highlights
Equities rose again Thursday on carryover momentum from Wednesday's advance. Investors welcomed lack of bearish surprises from a second day of testimony by Federal Reserve Chair Jerome Powell.
The Dow Jones industrial average firmed 0.3 percent, the S&P 500 rose 1.0 percent, and the Nasdaq rallied 1.5 percent. US Treasury yields and oil prices declined while the dollar rose.
Powell's comment that the Fed is not far from being in position to cut interest rates bolstered risk appetite and helped the S&P 500 post another record closing high. Comments from European Central Bank President Christine Lagarde were another positive as she appeared to open the door to rate cuts this year.
Big technology shares led the winners, as has been the recent trend. Chipmakers extended their run with Nvidia seeing a sixth straight day of gains on the artificial intelligence story. Other influential megacap winners included Alphabet and Meta.
Nine of 11 S&P sectors saw gains. Best were information technology, communications services, consumer discretionary, plus materials, energy, industrials and utilities. Lagging were financials and real estate.
The Dow Jones industrial average firmed 0.3 percent, the S&P 500 rose 1.0 percent, and the Nasdaq rallied 1.5 percent. US Treasury yields and oil prices declined while the dollar rose.
Powell's comment that the Fed is not far from being in position to cut interest rates bolstered risk appetite and helped the S&P 500 post another record closing high. Comments from European Central Bank President Christine Lagarde were another positive as she appeared to open the door to rate cuts this year.
Big technology shares led the winners, as has been the recent trend. Chipmakers extended their run with Nvidia seeing a sixth straight day of gains on the artificial intelligence story. Other influential megacap winners included Alphabet and Meta.
Nine of 11 S&P sectors saw gains. Best were information technology, communications services, consumer discretionary, plus materials, energy, industrials and utilities. Lagging were financials and real estate.
Definition
Market Reflections track market reaction to the trading day's major events. Economic data, policymaker speeches, and company news are featured in this report as well as key indexes and financial instruments.
Description
Understanding why markets respond as they do is fundamental for an investor. Market Reflections help explain how the day's events, news, and data impact the outlook for the economy and for market prices.
