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Dow Aims at Seven Straight Daily Gains

Thursday, May 09, 2024 01:47 PM | Baystreet via QuoteMedia

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Dow Aims at Seven Straight Daily Gains

Stocks were higher on Thursday as fresh data bolstered investors' hopes of easier Federal Reserve policy later this year.

The Dow Jones Industrials gained 185.19 points to 39,241.58, putting the 30-stock index on track for its seventh consecutive positive day for its longest winning streak of 2024.

The S&P 500 regained 16.21 points to 5,203.88.

The NASDAQ recovered 34.58 points to 16,337.34.

Home Depot and Caterpillar led the Dow higher as the stocks gained more than 1.5% each.

Weekly jobless claims data released Thursday came in at the highest level since August, raising expectations that central bankers might cut interest rates at some point this year. Yields were mixed after the report, with the yield on the 10-year Treasury was up less than 1 basis point at 4.487% while the two-year Treasury yield dipped more than two basis points to 4.82%.

Earlier, a fresh batch of quarterly earnings reports came out below Wall Street's expectations, briefly dampening sentiment. Warner Bros Discovery slid 2% after reporting a miss on the top and bottom lines, while semiconductor company Arm lost more than 6% over lackluster revenue guidance. Airbnb pulled back 7% after a weak guidance overshadowed a first-quarter beat.

Prices for the 10-year Treasury inched up, lowering yields to 4.49% from Wednesday's 4.5%. Treasury prices and yields move in opposite


Oil prices grew 44 cents to $79.43 U.S. a barrel.

Gold prices hiked $18.20 to $2,340.50.

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