U.S. stocks rally; Dow, S&P 500 record highs back in sight
Main U.S. indexes gain; Nasdaq out front, up ~1%
All S&P 500 sectors end green: Comm Svcs leads
Dollar down; bitcoin up >1%; gold up ~2%; crude gains >2.5%
U.S. 10-Year Treasury yield rises to ~3.69%
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U.S. STOCKS RALLY; DOW, S&P 500 RECORD HIGHS BACK IN SIGHT
Wall Street's main indexes rose on Thursday after August PPI data reinforced expectations for a 25-basis point rate cut by the Federal Reserve at next week's FOMC meeting.
Apparently, the prospect for a 25 bps rate cut, that may kick-off a protracted easing cycle, proved good enough to propel the S&P 500 index .SPX up 0.75%, allowing it to score a fourth-straight daily gain. With this, the benchmark index ended at 5,595.76, which puts it now only down around 1.3% from its July 16 record closing and intraday highs of 5,667.20 and 5,669.67.
The Nasdaq Composite .IXIC rose 1%. The tech-laden index is down less than 6% from its July record highs. The Dow .DJI rose around 0.58%, and is now down less than 1.2% from its late August record highs.
All S&P 500 sectors advanced with communication services .SPLRCL, underpinned by strength in its FANG .NYFANG names, leading the charge.
Gold stocks were big winners. With spot gold XAU= hitting record highs, the NYSE Arca Gold Bugs index .HUI surged nearly 6% for its biggest daily gain since December 2023.
Here is a snapshot of where markets stood just shortly after 1600 EDT/2000 GMT:
(Terence Gabriel)
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FOR THURSDAY'S EARLIER LIVE MARKETS POSTS:
SMALL CAPS TO BENEFIT FROM LOWER RATES, YIELD CURVE DISINVERSION - CLICK HERE
50 BPS MIGHT STILL BE IN PLAY - JUST NOT YET - CLICK HERE
INVESTMENT ADVISOR SENTIMENT TESTS OCTOBER 2023 LOW - CLICK HERE
HOPING FOR DEEP AND FAST FED RATE CUTS? BE READY TO BE DISAPPOINTED! - CLICK HERE
LARGE EQUITY FUND OUTFLOWS IN AUGUST A WARNING SIGN FOR STOCKS - CLICK HERE
THURSDAY DATA: 25 BPS LOOKS LIKE A LOCK - CLICK HERE
U.S. STOCKS SEARCH FOR DIRECTION, THOUGH GOLD MINERS SHINE - CLICK HERE
U.S. STOCK FUTURES DIGEST LATEST DATA DUMP - CLICK HERE
"BEAR IN A CHINA SHOP" - THE 3 MOST EXPOSED SECTORS - STIFEL - CLICK HERE
TOUGHER OUTLOOK FOR OIL AND GAS - BERENBERG - CLICK HERE
MINERS AND TECH SHINE AS MARKETS AWAIT ECB - CLICK HERE
EUROPE SET FOR OPENING BOUNCE AHEAD OF ECB - CLICK HERE
TECH STOCKS CUE RALLY WHILE ECB LOOMS - CLICK HERE
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(Terence Gabriel is a Reuters market analyst. The views expressed are his own)
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