The Dow and S&P 500 broke records once again today, with the former settling above 42,000 for the first time with a 522-point pop, while the latter conquered the 5,700 level. The Nasdaq scored an impressive 460-point gain of its own, closing at its highest level since July as tech stocks rallied.
Today's gains came after the initial shock around the Federal Reserve's sizable interest rate cut wore off. Manufacturing and jobs data also contributed to today's rally, with the Cboe Volatility Index (VIX) snapping a three-day win streak as it pivoted lower.
Continue reading for more on today's market, including:
- 2 semiconductor stocks in focus after rate cut.
- Bulls blast Southwest Energy stock on merger buzz.
- Plus, crypto stocks to monitor; behind CD's outperformance; and Darden Restaurant's new partner.
5 Things to Know Today
- Home sales saw a bigger-than-expected 4.2% year-over-year drop in August as prices hit new records. (CNBC)
- T-Mobile (TMUS) CEO Mike Sievert said Apple's (AAPL) iPhone 16 is selling better than the iPhone 15. (MarketWatch)
- Watch these crypto stocks amid Bitcoin (BTC) surge.
- Gold concern Coeur Mining is outpacing the S&P 500.
- Delivery partnership boosts Darden Restaurants stock.
Gold, Oil Enjoy Rate Cut Optimism
Oil prices settled higher on Thursday, with investors becoming less risk-averse following the Fed's rate cut. October-dated West Texas Intermediate (WTI) crude added $1.04, or 1.5%, to close at $71.95 a barrel.
Gold prices also enjoyed the central bank's easing monetary policy, and earlier notched a new record high. Gold for December delivery was last seen 0.1% higher at $2,600.60.
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