(MENAFN- Baystreet) S&P Jumps on Fed Stance
Stocks Little Changed as Fed Keeps Rates Intact
Futures Perk on Word Rates Staying Put
Fed's Next Move Not Likely a Hike: Powell
Dow Pulls Ahead, S&P Cautious Before Fed Decision Subscribe to Get Small Cap News & Alerts Glenn Wilkins - Thursday, May 2, 2024
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Stocks rallied Thursday as investors looked ahead to more corporate earnings and a key labour report set for later in the week.
The Dow Jones Industrials popped 322.37 points to conclude Thursday at 38,225.66.
The S&P 500 galloped 45.81 points to 5,064.20.
The NASDAQ zoomed 235.48 points, or 1.5%, to 15,840.90.
Chipmaker Qualcomm rose 9.8% on better-than-expected earnings and strong revenue guidance. Restaurant delivery service DoorDash dropped 10.3% after reporting a wider loss per share. Used car retailer Carvana soared 33.6% after reporting its best-ever earnings after the bell Wednesday, while Moderna surged 12.7% on a smaller-than-expected loss.
Megacap technology stocks rose as Treasury yields dipped, with Nvidia and Amazon jumping more than 3% each. Apple rose 2.3% ahead of its quarterly print after the bell.
Investor attention now pivots toward Friday's April non-farm payrolls report, with economists polled by Dow Jones expecting 240,000 job gains and a slowdown from 303,000 additions in March.
Earnings season presses on after the bell Thursday with quarterly reports dominated by Apple and Amgen after the close. Coinbase and DraftKings are also on deck.
Those moves followed a choppy day on Wall Street as investors reacted to the Federal Reserve's decision to keep interest rates unchanged.
In the closely-watched press conference, Fed Chair Jerome Powell essentially ruled out an interest rate hike as the central bank's next move, despite few recent signs of easing inflation.
Prices for the 10-year Treasury gained ground, lowering yields to 4.58% from Wednesday's 4.63%. Treasury prices and yields move in opposite directions.
Oil prices broke even at $79.00 U.S. a barrel.
Gold prices gained $2.60 to $2,313.40.
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