Stocks rose on Thursday, hitting record highs and building on the huge market rally following the decisive victory of president-elect Donald Trump, as traders weighed the latest rate cut from the Federal Reserve.
The Dow Jones Industrials retreated 0.59 points to 43,729.34.
The S&P 500 index hiked 44.06 points to 5,973.10, for its best post-election day in history.
The NASDAQ jumped 285.99 points, or 1.5%, to 19,26.46.
The bond market has also been volatile, with Treasury yields falling Thursday after spiking in the previous session.
Those big swings were the backdrop for the Federal Reserve’s interest rate decision and Chair Jerome Powell’s subsequent press conference Thursday afternoon. The central bank’s 0.25 percentage point cut was widely expected, but the move was smaller than September’s half-point cut.
Big Tech stocks moved higher on Thursday to bolster the market, with Apple and Nvidia gaining 2.3% and 1.9%, respectively. Meta Platforms rose 3.5%.
Financial stocks, which surged on Wednesday, gave back some of those gains on Thursday. Shares of JPMorgan Chase fell 4.3% and American Express dipped 3%, weighing on the Dow.
The rate reduction Thursday marked 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 4.33% from Wednesday’s 4.44%. Treasury prices and yields move in opposite directions.
Oil prices regained 29 cents to $71.98 U.S. a barrel.
Prices for gold shot higher $35.90 an ounce to $2,712.20 U.S.
