Stocks rose to record highs on Thursday, with smaller equities seeing the biggest boost, as the Federal Reserve signalling this week it was embarking on an easing rate path reinvigorated investors and raised hopes for a ratcheting up of an economic growth.
The Dow Jones Industrials surged 130 points to end Thursday at 46,148.32
The S&P 500 index acquired 31.6 points to 6,631.95.
The tech-heavy NASDAQ flew 209.4 points to 22,470.73
Each of the major U.S. indexes notched a fresh all-time intraday high after a tepid reaction in the wake of the Fed’s rate cut Wednesday afternoon. The S&P 500 finished the day lower Wednesday.
Shares of some major tech companies were part of Thursday’s rally as well. Intel shares rallied about 26% after Nvidia said it will invest $5 billion in the chipmaker to co-develop data center and PC chips. Shares of Nvidia jumped more than 3%.
Thursday’s gains put the major benchmarks on track for solid weekly gains. The S&P 500 is up 0.9% for the week, on pace for its sixth weekly gain in the last seven.
Prices for 10-year Treasury lost ground Thursday, pushing yields up to 4.12% from Wednesday’s 4.07%. Treasury prices and yields move in opposite directions.
Oil prices fell 38 cents to $63.67 U.S. a barrel.
Gold prices dropped $39.80 to $3,678.00 U.S. an ounce.
