The 30-stock index flew 428.73 points, or 1.3%, to close Thursday at 34,408.06.
The S&P 500 added 53.25 points, or 1.2%, to 4,425.84. The S&P 500’s climb on Thursday marked a new intraday 13-month high for the index, and has so far posted its best week since March 31. The S&P 500 is also riding its longest winning streak since November 2021 and is headed for its strongest weekly gain since March. From its October low, the broader market index is up 23%. It’s also risen 14% year to date
The NASDAQ index perked 156.34 points, or 1.2%, to 13,782.82. Thursday’s gains brought the S&P 500 and NASDAQ to their highest intraday levels since April 2022. The tech-heavy benchmark is up more than 30% in 2023.
In tech, shares of Microsoft were higher, 3.1%, and Oracle sprang 3.9%. Alibaba stock climbed 3.1%.
Additional economic data releases Thursday morning gave investors and policymakers better insight on the strength of the labour market and consumer spending. Weekly jobless claims numbers were slightly above estimates at 262,000 compared to a Dow Jones estimate of 245,000, while retail sales ticked up 0.3%.
Fed Chair Jerome Powell said during a post-meeting press conference that the Federal Open Market Committee would use the six weeks until its next meeting to “take into account the cumulative tightening of monetary policy.” He added that a decision on July’s policy move has not yet been made. The upswing on Thursday shows investors remain willing to place bets on the overhang of uncertainty heading into the July FOMC meeting.
Prices for the 10-year Treasury spiked, dropping yields to 3.72% from Wednesday’s 3.80%. Treasury prices and yields move in opposite directions.
Oil prices recovered $2.28 to $70.55 U.S. a barrel.
Gold prices two dollars to $1,970.50 U.S. an ounce.