U.S. stocks rose closer to their all-time highs after a couple of reports on the economy that came in close to expectations.
U.S. stocks pulled closer to their records on Thursday after a couple of reports on the economy that came in close to expectations. The Standard & Poor's 500 rose 0.7% and climbed back within 1.3% of its record set in July after a shaky summer. It remains on track for a fourth winning week in the last five. The Dow Jones industrial average added 0.6%, and the Nasdaq composite gained 1%. Nvidia was the strongest force lifting the S&P 500 and rose an additional 1.
In the bond market, the yield on the 10-year Treasury edged up to 3.68% from 3.66% late Wednesday. It’s steadying a bit after sliding since April on expectations for coming rate cuts. That easing helped pull the average rate on a 30-year mortgage in the U.S. this week to its lowest level in 19 months, according to Freddie Mac. Any rate cuts by the Fed would be the first in more than four years, as it’s been more focused on fighting inflation.
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