Record-Setting Rally Continues, Dow Adds to All-Time Mark

The Dow Jones Industrial Average closed higher on Thursday, a day after it marked an above 37,000 close for the first time ever, as the 10-year Treasury tumbled below 4% and a surprise gain in retail sales gave investors further confidence 2024 would bring a soft economic landing.

The blue-chip index sprang 158.11 points to close Thursday at 37,248.35.

The S&P 500 acquired 12.46 points to 4,719.55.

The NASDAQ gathered 27.59 points to 14,761.56, on pace for a record close Thursday.

Solar stocks ticked higher as yields fell, with SunRun going skyward 21% and Enphase gaining 13%. Shares of Moderna climbed 9% after trial data showed its experimental cancer vaccine reduced the risk of death or reoccurrence when used alongside Merck’s Keytruda.

Wall Street received fresh economic data on Thursday that helped fuel hopes for a soft landing. Retail sales increased 0.3% in November, the Commerce Department said on Thursday, in the latest sign that consumer spending remains strong as the holiday shopping season continues. Economists polled by Dow Jones forecast a decrease of 0.1%.

Prices for the 10-year Treasury leaped, lowering yields to 3.91% from Wednesday’s 4.02%. Treasury prices and yields move in opposite directions.

Oil prices jumped $2.22 to $71.69 U.S. a barrel.

Gold prices leaped $54.10 to $2,051.40.