U.S. stocks climbed Thursday with major averages notching new records as investors flocked into their growth tech darlings again amid easing fears of inflation and rates.
The Dow Jones Industrial Average boomed 341.52 points, or 1.1%, at 32,638.54, to hit another intraday record.
The S&P advanced 56.69 points, or 1.5%, to begin the day at 3,995.60, to reach an all-time high, its first record since Feb. 16.
The NASDAQ Composite popped 338.92 points, or 2.6%, to 13,407.75, amid a rotation back into tech shares. Tesla was up 4%. Apple,
Facebook and Netflix all jumped at least 2%, while Amazon, Alphabet and Microsoft shares were also higher.
The NASDAQ dipped into correction territory on Monday, falling more than 10% from its recent high. Now the tech-heavy benchmark is about 6% off its record high.
House Democrats passed a $1.9-trillion coronavirus relief bill Wednesday, sending it to President Joe Biden, who is expected to sign it into law Friday.
The economic reopening, coupled with additional fiscal stimulus, accelerated the rotation into more cyclical sectors, such as energy. The S&P 500 energy sector has been the biggest winner this year, up 40% so far.
On the data front, investors cheered a slightly better-than-expected reading on weekly jobless claims. The U.S. Labor Department reported that first-time filings for unemployment insurance in the week ended March 6 totaled a seasonally adjusted 712,000, below the Dow Jones estimate of 725,000.
Prices for 10-Year Treasurys dipped, raising yields to 1.53% from Wednesday’s 1.52%. Treasury prices and yields move in opposite directions.
Oil prices regained $1.26 to $65.70 U.S. a barrel.
Gold prices descended 90 cents to $1,720.90.