Stock market today: Wall Street rises to another high, but a slide for oil keeps the gains in check

NEW YORK — U.S. stocks rose to another all-time high, but a slide in oil prices kept the gains in check by weighing down energy companies. The S&P 500 rose 0.4% Thursday, setting its third record high this week. The Dow Jones Industrial Average added 0.6%, and the Nasdaq rose 0.6%. Micron Technology led the way after AI-related demand helped it deliver a stronger-than-expected profit report. Other tech companies also rose.

Jabil climbed 11.8% after the electronics manufacturer likewise reported stronger profit and revenue than expected. It also announced a plan to buy back up to $1 billion of its stock to plow cash to its shareholders. A big winner of the AI frenzy, Super Micro Computer, was meanwhile giving back some of its huge gains after more than tripling last year. Its stock tumbled 11.5% following a report from The Wall Street Journal saying the U.S. Department of Justice is probing the seller of servers and storage systems. The company declined to comment.

That follows a raft of announcements earlier in the week by the country’s central bank that had also sent global markets jumping. China’s economic growth has been flagging, with particular troubles in its real-estate industry, and Chinese officials appear to be making a more coordinated effort to boost it following earlier piecemeal attempts.

The hope on Wall Street is for a form of financial nirvana where the U.S. economy's growth can hold steady and keep profits for companies humming while the Federal Reserve continues to lower interest rates. When they cut their main interest rate by an unusually large half of a percentage point last week, Fed officials also suggested they may cut the federal funds rate by another half of a percentage point this year.

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