Stocks rose slightly Thursday, hitting record highs, after a huge market rally following Donald Trump’s decisive victory in the presidential election. Traders are also awaiting the Federal Reserve interest rate decision Thursday afternoon.
The Dow Jones Industrials advanced 37.63 points to 43,767.56.
The S&P 500 index hiked 31.88 points to 5,960.92.
The NASDAQ jumped 193.31 points to 19,196.77. All three improved on Wednesday’s record highs.
Financial stocks, which surged on Wednesday, cooled a bit on Thursday. Shares of JPMorgan Chase fell 2% and American Express dipped 1.7%, weighing on the Dow.
Big Tech stocks moved higher, with Apple and Nvidia each gaining more than 1%.
Market participants on Thursday will closely monitor the Federal Reserve’s interest rate decision and Chair Jerome Powell’s subsequent press conference. Fed funds futures are currently pricing in a 100% likelihood that the central bank lowers the borrowing cost at this gathering,
A rate reduction Thursday would mark a second straight cut after the Fed’s decrease in September, which was its first since 2020.
Prices for the 10-year Treasury barreled ahead, lowering yields to 4.36% from Wednesday’s 4.44%. Treasury prices and yields move in opposite directions.
Oil prices dipped 71 cents to $70.98 U.S. a barrel.
Prices for gold regained $25.70 an ounce to $2,702 U.S.
