(MENAFN- Baystreet) Dow Aims at Seven Straight Daily Gains
Dow Looking at 7th Straight Upward Session
Six-Day Streak for Dow in Danger
Dow Leaps for 6th Straight Positive Session
Dow Hopeful of Extending Streak Subscribe to Get Small Cap News & Alerts Glenn Wilkins - Thursday, May 9, 2024
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Stocks rose Thursday, putting the Dow Jones Industrial Average on track for another winning day, as new data rekindled hope for Federal Reserve rate cuts later this year.
The blue-chip index hurtled 331.37 points to 39,387,76, putting the 30-stock index on track for its seventh consecutive positive day for its longest winning streak of 2024.
The S&P 500 regained 26.41 points to 5,214,08.
The NASDAQ rocketed 43.51 points to 16,346.26.
Home Depot and Caterpillar led the Dow higher as the stocks gained more than 2% each.
Weekly jobless claims data released Thursday came in at the highest level since August, raising expectations that central bankers might cut interest rates at some point this year.
Earlier, a fresh batch of quarterly earnings reports came out below Wall Street's expectations, briefly dampening sentiment. Warner Bros Discovery added 1.8% after reporting a miss on the top and bottom lines, while semiconductor company Arm lost more than 6% over lackluster revenue guidance. Airbnb lost more than 1.5% after a weak guidance overshadowed a first-quarter beat.
Prices for the 10-year Treasury inched up, lowering yields to 4.46% from Wednesday's 4.5%. Treasury prices and yields move in opposite directions.
Oil prices grew 64 cents to $79.63 U.S. a barrel.
Gold prices hiked $27.50 to $2,340.50.
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