The S&P 500 climbed on Thursday, surpassing its record high set a week ago as the market fully recovered losses triggered by the Federal Reserve’s surprise policy pivot.
The Dow Jones Industrials thundered ahead 276.44 points to 34,150.68.
The S&P 500 regained 28.25 points to 4,270.09.
The NASDAQ climbed 135.69 points, or 1%, to another intraday record of 14,407.42.
A broad group of stocks gained to push the benchmarks to new highs. Communication services, consumer discretionary, health care and tech were the best-performing sectors. Tesla added more than 2%, while GM and Caterpillar each gained about 1%.
Bank shares gained ahead of the Fed’s annual bank stress test results, which are scheduled for release after the bell on Thursday. The test examines how banks fare during various hypothetical economic downturns.
Banks were forced to freeze dividends and stop buybacks during the pandemic. These results should give them the green light to eventually raise payouts. Goldman Sachs shares rose about 1%.
Data out Thursday showed jobless claims totaled 411,000 for the week ended June 19, higher than an estimate of 380,000 from economists polled by Dow Jones.
Prices for 10-Year Treasurys were unchanged, maintaining yields at Wednesday’s 1.49%. Treasury prices and yields move in opposite directions.
Oil prices gave up 18 cents to $72.90 U.S. a barrel.
Gold prices picked up $1.40 to $1,784.80 U.S. an ounce.