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U.S. stocks rose on Thursday after dovish signs from the Federal Reserve had helped propel the Dow to a new all-time closing high a day prior.
The Dow Jones Industrial Average (^DJI) rose 0.3% or more than 100 points, while the S&P 500 (^GSPC) popped about 0.2%. The tech-heavy Nasdaq Composite (^IXIC) clung to gains of 0.1%.
The gauges are coming off fresh 2023 highs in the wake of the Fed’s policy decision, which signaled the Fed is unlikely to hike interest rates further and that it could cut rates three times next year.
That message surprised and thrilled investors, who welcomed the Fed’s forecast of further cooling in inflation and no sharp rise in unemployment. Bonds rallied alongside stocks, sending the yield on the 10-year Treasury (^TNX) down below 4% on Thursday, for the first time since August.
Meanwhile, oil prices moved up more than 4% to come further off the five-month low hit earlier this week. West Texas Intermediate (CL=F) futures traded at more than $72 a barrel, while Brent crude futures (BZ=F) rose above $77 a barrel.
Eyes were also on central bank decisions elsewhere on Thursday, for signs of a worldwide move to easing. The Bank of England kept its interest rates steady, as did the Swiss National Bank and the European Central Bank, though Norway’s policymakers raised the benchmark rate in a surprise move.
In individual corporates, Adobe (ADBE) shares sank about 7% in after the software maker’s sales outlook signaled it will have to wait longer than expected for a boost from new AI tools.
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