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The NASDAQ Composite advanced Thursday, rising to its first closing record since November 2021.
The Dow Jones Industrials struggled into the green 14.64 points Thursday at 38,963.66
The S&P 500 surged 27.51 points to 5,097.27.
The tech-heavy index recovered 134.6 points to 16,082.33.
Thursday’s session caps off February trading and a fourth straight positive month for Wall Street, despite a string of declines raising questions around the sustainability of the AI-driven rally. The NASDAQ led the pack with a 6.12% gain. The S&P 500 climbed 5.17%, while the Dow added 2.22% for its first four-month winning streak since May 2021.
Snowflake shed 18.4% after announcing the retirement of its CEO and sharing disappointing product revenue guidance. Meanwhile, Okta popped nearly 23% on strong results.
Data showed the Federal Reserve’s preferred measure of inflation was stubbornly above the central bank’s target in January, but at least didn’t exceed Wall Street forecasts. There were also signs that consumer spending remains robust.
The core personal consumption expenditures price index, the Federal Reserve’s preferred inflation gauge, increased by increased 0.4% for the month and 2.8% from a year ago. That matches Dow Jones estimates. Headline PCE, which includes food and energy categories, increased 0.3% monthly and 2.4% on a 12-month basis, compared to respective estimates for 0.3% and 2.4%.
Prices for the 10-year Treasury inched forward, lowering yields to 4.24% from Wednesday’s 4.26%. Treasury prices and yields move in opposite directions.
Oil prices lost 29 cents to $78.25 U.S. a barrel.
Gold prices surged $9.90 to $2,052.60.
