Highlights
Stocks advanced Thursday on declining bond yields after dovish-seeming comments from Federal Reserve officials. The Dow Jones industrial average rose 1.2 percent while the S&P 500 gained 1.1 percent and the Nasdaq was up 1.4 percent. Oil prices edged up, and the dollar weakened.
Fed Governor Christopher Waller’s comment that he is inclined to keep rates steady at the next Fed policy meeting if upcoming data suggest ongoing progress on disinflation. That followed similar comments from New York Fed President John Williams that suggested an inclination to wait for more data before deciding what to do. Previous Fed comments gave investors the impression that the Fed was likely to raise rates at the September meeting but now it seems somewhat less likely, depending on what the next set of inflation numbers show.
Stock gains on Thursday were nearly across the board, paced by Magnificent Seven names and software stocks.