Today’s Stock Market Update: Dow Jones Industrial Average and S&P 500 Reach Record Highs

Stocks closed at new highs Thursday, with the Dow Jones Industrial Average leading the gains while the Nasdaq and S&P 500 weakened and closed near session lows. The strong performance of Dow stocks was notable, with Goldman Sachs standing out among banks that outperformed in the market. The Dow rose 269 points, or nearly 0.7%, while the Nasdaq and S&P 500 saw more modest gains. The small-cap Russell 2000 also posted a solid increase.

Volume increased on the New York Stock Exchange and the Nasdaq compared to the previous day. The market momentum on Thursday was driven by comments from Fed Chairman Jerome Powell hinting at the possibility of rate cuts in 2024. This news boosted investor sentiment and fueled the market’s positive performance.

Apple stock faced challenges on Thursday, dropping 4.1% following news of a lawsuit from the Justice Department and 16 states. The antitrust case raised concerns about competition in the tech industry and led to a decline in Apple’s stock price.

In the tech sector, Chinese electric-vehicle maker Li Auto experienced a significant drop after revising its delivery forecast for the first quarter. On the other hand, Floor & Decor saw a strong rally, reaching a 52-week high on heavy volume.

Financial stocks, including Goldman Sachs, Bank of America, and JPMorgan Chase, surged on expectations of lower interest rates. The Financial Select SPDR ETF also gained ground.

Overall, major stock indexes have shown significant growth since the pandemic low in 2020. Micron, Broadcom, and other companies reported positive earnings results, while Five Below faced challenges due to lower-than-expected performance.

Bitcoin-related stocks showed mixed results, with MicroStrategy seeing a notable increase. Microsoft and Nvidia also had positive trading sessions, reaching record highs in Thursday’s market action.

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