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Dow Hikes, Achieves 7-Day Streak

Thursday, May 09, 2024 05:42 PM | Baystreet via QuoteMedia

Dow Hikes, Achieves 7-Day Streak

Stocks rose Thursday, putting the Dow Jones Industrial Average on track for another winning day, as new data rekindled hope for Federal Reserve rate cuts later this year.

The blue-chip index hurtled 331.37 points to 39,387,76, 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 26.41 points to 5,214,08.

The NASDAQ rocketed 43.51 points to 16,346.26.

Home Depot and Caterpillar led the Dow higher as the stocks gained more than 2% 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.

Earlier, a fresh batch of quarterly earnings reports came out below Wall Street's expectations, briefly dampening sentiment. Warner Bros Discovery added 1.8% after reporting a miss on the top and bottom lines, while semiconductor company Arm lost more than 6% over lackluster revenue guidance. Airbnb lost more than 1.5% after a weak guidance overshadowed a first-quarter beat.

Prices for the 10-year Treasury inched up, lowering yields to 4.46% from Wednesday's 4.5%. Treasury prices and yields move in opposite directions.

Oil prices grew 64 cents to $79.63 U.S. a barrel.

Gold prices hiked $27.50 to $2,340.50.

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