Major stock indexes maintained their early gains on Thursday as Federal Reserve Chair Jerome Powell testified for a second day before Congress. Nvidia achieved a new milestone, while Tesla dealt with concerns about its profitability.
Retail and software earnings were among the notable movers in the market. Investors are now waiting for Friday’s payroll data for February to drive headlines.
The Dow Jones Industrial Average closed 0.3% higher, marking its second consecutive day of gains. The S&P 500 rose by 1%, reaching a new high. The Nasdaq led the way with a 1.5% increase, while small caps also saw gains.
While trading volume was lower compared to the previous day, breadth was strong with advancers outnumbering decliners on both the NYSE and Nasdaq exchanges. The 10-year Treasury note yield dropped 1 basis point to 4.09%, and bitcoin remained above $67,000.
Powell’s testimony highlighted the need for new regulations to address potential crises in the financial sector. He mentioned concerns about failing institutions and unexpected changes in inflation.
In company news, Nvidia’s stock climbed 4.5%, surpassing the 900 level for the first time. Tesla’s stock reversed earlier losses and closed 1.2% higher despite recent concerns about profitability and demand.
On the Dow Jones index, Intel, Amazon.com, American Express, and Caterpillar were among the top gainers. Other notable movers included MongoDB, Samsara, and DocuSign.
In health care, Novo Nordisk surged to a record high after positive results for its new obesity drug. Meanwhile, Block is near a buy point in a cup base with a strong Composite Rating.
Investors are closely watching market movements and economic data for further insights into the current state of the stock market.
