Stocks surged on Thursday, putting the Dow Jones Industrial Average in position for a seventh consecutive day of gains, its longest winning streak of 2024. The 30-stock index rose by 275 points, or 0.7%, as investors’ hopes for Federal Reserve rate cuts were rekindled by new data.
The S&P 500 and Nasdaq Composite also saw gains, with the former rising by 0.4% and the latter by about 0.3%. Home Depot and Caterpillar led the charge, both gaining more than 2% each.
The release of fresh weekly jobless claims data added fuel to the rally, as the figure reached its highest level since August. This has raised expectations that central bankers may cut interest rates later this year, a move that could boost the economy.
Source (CNBC)
