The Dow Jones Industrial Average surged Thursday to score its highest close since January 2022, while the S&P 500 and Nasdaq scored their best monthly gains since July 2022. How did stocks trade
The Dow Jones Industrial Average
DJIA
surged 520.47 points, or 1.5%, to end at 35,950.89, its highest close since Jan. 13 2022, according to Dow Jones Market Data.
The S&P 500
SPX
rose 17.22 points, or 0.4%, to finish at 4,567.80.
The Nasdaq Composite
COMP
fell 32.27 points, or 0.2%, ending at 14,226.22.
The S&P 500 and Nasdaq Composite logged their biggest monthly advance since July 2022, while the Dow posted its best month since October 2022, according to Dow Jones Market Data.
What drove markets All three major U.S. stock benchmarks clinched their best month in at least a year, driven higher by falling U.S. bond yields, optimism about easing inflation and potential Federal Reserve rate cuts next year. The Dow surged into the closing bell Thursday, posting its best daily percentage gain in four weeks. The equity gauge got a lift by a more than 9% gain in shares of Salesforce Inc.
CRM,
+9.36%
following a batch of strong quarterly earnings. But weakness in other megacap technology names, including Nvidia Corp.,
NVDA,
-2.85%
Meta Platforms Inc.
META,
-1.52%
and other members of the “Magnificent Seven,” weighed on both the Nasdaq. “I think the market is getting it wrong,” said Brent Schutte, chief investment officer at Northwestern Mutual Wealth Management Company. Instead of the Fed orchestrating a soft economic landing as many investors now envision, Schutte expects rates to stay high until a mild recession unfolds. “Eventually, the Fed rate hikes are go …
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The Dow Jones Industrial Average
DJIA
surged 520.47 points, or 1.5%, to end at 35,950.89, its highest close since Jan. 13 2022, according to Dow Jones Market Data.
The S&P 500
SPX
rose 17.22 points, or 0.4%, to finish at 4,567.80.
The Nasdaq Composite
COMP
fell 32.27 points, or 0.2%, ending at 14,226.22.
The S&P 500 and Nasdaq Composite logged their biggest monthly advance since July 2022, while the Dow posted its best month since October 2022, according to Dow Jones Market Data.
What drove markets All three major U.S. stock benchmarks clinched their best month in at least a year, driven higher by falling U.S. bond yields, optimism about easing inflation and potential Federal Reserve rate cuts next year. The Dow surged into the closing bell Thursday, posting its best daily percentage gain in four weeks. The equity gauge got a lift by a more than 9% gain in shares of Salesforce Inc.
CRM,
+9.36%
following a batch of strong quarterly earnings. But weakness in other megacap technology names, including Nvidia Corp.,
NVDA,
-2.85%
Meta Platforms Inc.
META,
-1.52%
and other members of the “Magnificent Seven,” weighed on both the Nasdaq. “I think the market is getting it wrong,” said Brent Schutte, chief investment officer at Northwestern Mutual Wealth Management Company. Instead of the Fed orchestrating a soft economic landing as many investors now envision, Schutte expects rates to stay high until a mild recession unfolds. “Eventually, the Fed rate hikes are go …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]