Stock market today: Dow jumps 650 points to post record, S&P 500 climbs above 6,900 for first time
- Stephen H Akin
- 20 hours ago
- 2 min read
The Dow and S&P 500 notched new records on Thursday as US stocks mostly rose, with tech stocks under more pressure after Oracle earnings revived AI overspending worries.
The Dow Jones Industrial Average, gained around 1.3%, or nearly 650 points, to set a new all-time high. The S&P 500 also notched a fresh record close at 6,900, adding to Wednesday's rally that followed the Federal Reserve’s latest interest rate cut. The Nasdaq Composite slid by 0.3%.
Wall Street's mostly upbeat mood continued after a split Fed voted to lower rates for the third time this year. Policymakers signaled a more gradual path of easing in the months ahead, but Chair Jerome Powell hinted that a rate hike would be off the table for January, while talking up the US economy's strength.
Powell said the Fed is "well positioned to wait and see" how economic conditions evolve, adding that tariffs imposed under President Trump have contributed to inflation pressures that the central bank sees as a "one-time" increase.
That put the spotlight on a weekly update on jobless claims on Thursday, which came in significantly higher than expected at 236,000. That was the biggest jump since 2020, after dipping to a three-year low in the Thanksgiving week.
The next signal on the labor market will come from the delayed November jobs report, set for release next Tuesday. Meanwhile, the US trade deficit unexpectedly narrowed to its smallest in over five years as exports surged, potentially reflecting a boost to the wider economy in the third quarter.
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