Stock market today: Wall Street rises closer to its record high

NEW YORK — U.S. stocks rose closer to their all-time highs following a couple reports on the economy that came in close to expectations. The S&P 500 climbed 0.7% Thursday and pulled back within 1.3% of its record set in July. The Dow Jones Industrial Average gained 0.6%, and the Nasdaq composite jumped 1%. More gains for Nvidia and other Big Tech stocks drove the market higher, offsetting a slump for Moderna after the vaccine maker cut its plans for research-and-development investment.

Nvidia was the strongest force lifting the market and rose another 3% after jumping 8.1% the day before. The chip company's stock has stabilized recently after falling more than 20% during the summer on worries investors had taken it too high in their frenzy around artificial-intelligence technology.

One report said the number of U.S. workers applying for unemployment benefits last week ticked up, though it remains low relative to history. Another said prices charged at the wholesale level were 1.7% higher in August than a year before. That’s a slowdown from July’s inflation rate, but an underlying measure that economists see as a better predictor of future trends also ticked up more than expected.

In the bond market, the yield on the 10-year Treasury edged up to 3.67% from 3.66% late Wednesday. It's steadying after sliding sharply since April on expectations for coming cuts to rates. That easing helped pull the average rate on a 30-year mortgage in the U.S. to its lowest level in 19 months, according to Freddie Mac.

“Any divergence from this path - whether from resurgent inflation or recessionary risks - will likely be received poorly by the market,” according to the strategists led by Jonathan Golub.

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Stock market today: Wall Street falls sharply to close its worst week in nearly 18 monthsNEW YORK (AP) — Another rout hit Wall Street Friday, with formerly high-flying technology stocks again taking the brunt, after a highly anticipated update on the U.S. job market came in weak enough to add to worries about the economy.
Source: SooToday - 🏆 8. / 85 Read more »

Stock market today: Wall Street holds steady after an inflation report comes in as expectedNEW YORK (AP) — Wall Street is holding relatively steady after the latest update on inflation came in almost exactly as economists expected. The S&P 500 was up 0.1% in early trading Wednesday, coming off one of its best days of the year.
Source: SooToday - 🏆 8. / 85 Read more »

Stock market today: Wall Street gives back some of its gains as its rally loses momentumNEW YORK (AP) — Stocks are giving back some of their big gains from earlier in the week as Wall Street’s rally loses some steam. The S&P 500 was 0.3% lower early Friday and on track for its first drop in seven days.
Source: SooToday - 🏆 8. / 85 Read more »

Stock market today: Wall Street closes its best week of the year with some more gainsNEW YORK (AP) — U.S. stocks drifted higher as Wall Street coasted to the close of its best week since November. The S&P 500 rose 0.2% Friday, extending its winning streak to a seventh day. The Dow Jones Industrial Average rose 0.
Source: SooToday - 🏆 8. / 85 Read more »

Stock market today: Wall Street holds near records after an 8-day winning streakNEW YORK (AP) — U.S. stocks are holding near their record levels following an eight-day winning streak. The S&P 500 was down less than 0.1%. The Dow Jones Industrial Average fell 0.1%, and the Nasdaq composite slipped 0.1%.
Source: SooToday - 🏆 8. / 85 Read more »

Stock market today: Wall Street rises after Target and other retailers top profit forecastsNEW YORK (AP) — U.S. stocks are opening higher after more big companies delivered profit reports that topped analysts’ expectations. The S&P 500 rose 0.2% in early Wednesday trading. The Dow Jones Industrial Average added 110 points, or 0.
Source: SooToday - 🏆 8. / 85 Read more »