Wall Street rolled to more records on Thursday, led by a rally for technology stocks. The S&P 500, Dow Jones Industrial Average, and the Nasdaq composite all hit all-time highs, as did the Russell 2000 index of smaller stocks.
- The S&P 500 rose 31.61 points, or 0.5%, to 6,631.96.
- The Dow rose 124.10 points, or 0.3%, to 46,142.42
- The Nasdaq rose 209.40 points, or 0.9%, to 22,470.73.
Nvidia was the strongest force pushing the market upward after announcing a
partnership with Intel to develop products for data centers and personal computers. Nvidia rose 3.5% and Intel soared 22.8% to its best day since 1987, the
AP reports. It was the first full day of trading since the Fed's Wednesday rate cut and smaller stocks, which can benefit greatly from lower interest rates, rose sharply. The Russell 2000 index rose 2.5% and topped the all-time high it set in 2021.
Encouraging reports on the economy, meanwhile, helped send Treasury yields climbing in the bond market. One report said that growth in manufacturing in the mid-Atlantic region was much stronger than economists expected. Another said that fewer US workers applied for unemployment benefits last week than expected. The second report could indicate the pace of layoffs is slowing, and it was a relief after the prior week's data showed a disconcerting leap to a four-year high. The job market has slowed so much that the Federal Reserve on Wednesday cut its main interest rate for the first time this year in order to give it some help.
On Wall Street, Novo Nordisk saw its stock that trades in the United States rise 6.2% after the Danish company said a newly published study showed its once-a-day pill version of Wegovy helped people lose significant weight. It also said that its Ozempic product reduced the risk of heart attack, stroke and death for patients versus another treatment for some people with type 2 diabetes. Stocks in the cryptocurrency industry also jumped to strong gains, including rises of 7% for Coinbase Global, 20.7% for Bullish, and 7.1% for Circle Internet Group. Bitcoin has climbed above $117,500 following the Fed's cut to interest rates.
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On the losing end of Wall Street, Darden Restaurants, the company behind Olive Garden and other chains, sank 7.7% after it reported a profit for the latest quarter that was below analysts' expectations. Cracker Barrel fell 7.6% after the restaurant chain reported a weaker profit for the latest quarter than analysts expected. The chain said it expects lower sales over the next year following the logo backlash. The Walt Disney Co. slipped 1.1% after the entertainment giant announced that its ABC television division had suspended Jimmy Kimmel's late-night show indefinitely after comments that he made about MAGA's response to Charlie Kirk's killing led a group of ABC-affiliated stations to say they would not air the show.
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