Stock market today: Wall Street's scorching rally sets more records as hopes rise for rate cuts

NEW YORK — U.S. stocks rose to more records after a report on the job market bolstered hopes that interest rates may soon get easier. The S&P 500 climbed 0.5% to set an all-time high for a third straight day and close its ninth winning week in the last 11. The Dow Jones Industrial rose 0.2%, and the Nasdaq composite added 0.9% to its own record. Treasury yields sank following the jobs data, which reinforced belief on Wall Street that the U.S.

Altogether, the data reinforced belief on Wall Street that the U.S. economy’s growth is slowing under the weight of high interest rates. That’s precisely what investors want to see, because a slowdown would keep a lid on inflation and could push the Federal Reserve to begin cutting its main interest rate from the highest level in two decades.

The yield on the 10-year Treasury, which is the centerpiece of the bond market, fell to 4.27% from 4.36% late Wednesday and from 4.70% in April. That's a notable move for the bond market and offers support for stock prices. On Wall Street, gold miner Newmont rose 2.2% for one of the larger gains in the S&P 500. It benefited from a rise for the price of gold, which usually strengthens when interest rates fall. It's the flip side of when rates are rising and bonds are paying higher yields, which can pull investors away from gold, which pays its holders nothing.

On the losing end of Wall Street were companies tied closely to cryptocurrency activity, as bitcoin briefly tumbled below $54,000 from nearly $63,000 early this week. The cryptocurrency's value is roughly back to where it was in February.In stock markets abroad, London’s FTSE 100 fell 0.5% after U.K. voters ushered in a new regime by throwing out Conservatives in this week’s national election.

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