The S&P 500 rose 26.41 points, or 0.5%, to 5,214.08. The Dow Jones Industrial Average gained 331.37, or 0.8%, to 39,387.76, and the Nasdaq composite added 43.51, or 0.3%, to 16,346.26. helped to support the market. The number of workers applying for unemployment benefits rose by more last week than economists expected, though it remains relatively low compared with history.
Yeti Holdings rose 12.8% after reporting better profit for the latest quarter than expected thanks to stronger sales for its drinkware and coolers and equipment. It also raised its forecast for full-year earnings per share. Like other companies, it’s plowing cash into buying back its own stock, which boosts per-share profit for existing investors.
In the bond market, the yield on the 10-year Treasury eased to 4.45% from 4.50% late Wednesday. The two-year yield, which more closely tracks expectations for the Fed, slipped to 4.81% from 4.84% late Wednesday.Federal Reserve Chair Jerome Powell It could take a while for inflation in the United States to cool all the way back to the Federal Reserve’s target, even with the Fed’s main interest rate at its highest level in more than two decades. Economists at S&P Global Market Intelligence slightly downgraded their forecasts for U.S. economic growth in 2025 and 2026, which they said could allow inflation to settle at the Fed’s target on a sustained basis by 2027.