On Thursday, U.S. stocks reached new heights as global financial markets rebounded.
For the third time this week and the 42nd time this year, the S&P 500 gained 0.4 per cent to reach an all-time high. The S&P 500, after a timid move in the former part of the week, reacted to the US macroeconomic data, resulting in breaking past all-time high levels.
The S&P 500
The S&P 500 sounded the opening bell at 5,762.22 levels on Wall Street; it took the end hour of the trading session to touch the record high level of 5,767.37 points.
Towards the closing bell of the market, The S&P 500 could not sustain the record high level and shuttered at 5,745.37 points on the us bourses.
The Nasdaq Composite
The tech heavy index The Nasdaq composite, containing the 'magnificent seven' comprising of biggest tech companies like Apple, Google parent alphabet, chip giant Nvidia etc., increased 0.6 per cent.
The Nasdaq Composite saw opening of over 245 points over the closing level of the previous trading session. The Nasdaq composite rang the opening bell at 18,327.34 points, went on touch the day-low level of 18,071.74 points.
The lost all the gains from the opening hour and went on close at 18,190.29 points on us bourses.
while the Dow Jones Industrial Average gained 260 points, amounting to 0.6 per cent, to end slightly short of its record.
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Macro economic data
Meanwhile, a slew of reports on Thursday indicated that the world's largest economy might be performing better than anticipated, which led to more positive news in the US.
In the most recent indication that layoffs are still comparatively rare throughout the economy, fewer American workers filed for unemployment benefits last week. According to a different report, the springtime growth rate of the U.S. economy was 3 per cent yearly, as anticipated. That rate is quite good.