The S&P 500 rose 1.1 percent, the Dow Jones Industrial Average rose 462 points, or 1.1 percent, to close above the 41,000 level for the first time since setting its own record in July, while the Nasdaq Composite rose 1.5 percent. The S&P 500 rose 63.97 points to 5,634.61. The Dow rose 462.30 to 41,175.08, and the Nasdaq Composite gained 258.44 to 17,877.79.
The index edged 0.6 percent closer to its record high hit last month and has recouped virtually all of its losses since a brief but scary summer slump.
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This comes after Federal Reserve Chairman Jerome Powell said in a highly anticipated speech that the time has come to cut its main interest rate from a two-decade high. Powell’s speech marked a sharp turnaround for the Fed after it began raising rates two years ago as inflation soared to its worst levels in generations.
Top stocks with gains
Ross Stores gained 2.1 percent after the discount retailer raised its fiscal 2024 profit forecast. Intuit, the parent of Turbo Tax, fell 6.9 percent in response to disappointing quarterly revenue. Nvidia’s valuations have also risen, with the stock soaring about 750 percent since the start of 2023, making it the world’s third-most valuable company on Thursday while drawing comparisons to the dot-com bubble more than two decades ago. The company’s shares trade at about 37 times 12-month forward earnings estimates, compared with a 20-year average of 29 times, according to LSEG Datastream, according to a Reuters report.Read also: Did Ana Navarro get too close to Barack Obama at the Democratic National Convention because he was a married man?
Frequently Asked Questions:
Q1. What are the three indexes of the US stock market?
A1. The S&P 500, the Dow Jones Industrial Average, and the Nasdaq Composite are three indices of the United States stock market.
Q2. How have Nvidia shares traded?
A2. Nvidia’s valuations have also risen, with shares soaring around 750 percent since the start of 2023.
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