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Indexes rallied to record highs as investors cheered Wednesday’s rate cut from the Fed.
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Tech stocks led the rally, with shares of Nvidia and Meta up 4%.
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Jobless claims reinforced the Fed’s message of a strong labor market, with last weeks’s claims down 12,000.
Major stock indexes surged to record highs on Thursday, a day after a jumbo rate cut from the Federal Reserve.
The S&P 500 and the Dow Jones Industrial Average both closed at fresh all-time highs, and the Nasdaq gained 2.5%.
The stock rally was led by AI stocks, with shares of Nvidia, Broadcom, ASML, and Meta were all up by about 4%.
Wedbush analyst Dan Ives said the tech rally owes it all to the Fed.
The rate cut was the “missing piece in the puzzle” and shows the “green light is back on for the tech growth trade into year-end and 2025,” Ives said in a…
