Dow +260.36 at 42175.11, Nasdaq +108.09 at 18190.27, S&P +23.11 at 5745.37
U.S. stocks rose to another record Thursday as global financial markets rallied again.
The S&P 500 added 0.4% to set an all-time high for the third time this week and the 42nd time this year. The Dow Jones Industrial Average gained 260 points, or 0.6%, to finish just shy of its record, while the Nasdaq composite rose 0.6%.
Micron Technology led the way with a jump of 14.7% after the maker of computer memory and storage delivered stronger profit for the latest quarter than analysts expected. It benefited from sales related to artificial intelligence technology, where a boom has helped drive some stocks to astounding heights.
Jabil climbed 11.7% after the electronics manufacturer reported stronger profit and revenue than expected and announced a plan to return up to $1 billion of its stock to shareholders.
But drops for Exxon Mobil and other oil-and-gas companies kept the market’s gains in check. Oil prices sank after The Financial Times reported through sources that Saudi Arabia is preparing to abandon its unofficial price target of $100 a barrel for crude.
While the S&P 500 had a record day, the other indices had a winning day overall. This was supported by broad-based buying interest, which was grounded in the view that global growth prospects should improve with the Fed, ECB, and People’s Bank of China all moving toward more accommodative policy settings.
Other central banks, like the Swiss National Bank, have also cut their key policy rate by 25 basis points today to 1.00% and suggested more cuts are likely to follow. Mexico’s central bank lowered its policy rate by 25 basis points to 10.50%.
So here we go again: The globe is lowering rates again. This could be a big catalyst for markets.
China has been ripping, as seen in KEWB and FXI.
But is China panicking? China is showing 2008-like signs that it is on the brink of a severe recession. Over the last two days, China has begun Pandemic-level stimulus, as seen during lockdowns in 2020. Stay tuned, but for now, it probably goes higher. Don’t chase. Too much, too fast.
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