Record-Breaking Streak: S&P 500 Marks Third Consecutive Record Close
U.S. stock markets sustained their record-breaking streak on Thursday, with the S&P 500 marking its third consecutive record close. The benchmark index closed at 6,468.54, an increment of 0.03%. This surge has been primarily driven by the anticipation of Federal Reserve interest rate cuts and robust corporate earnings.
The Nasdaq Composite, however, experienced a slight dip, decreasing by 0.01% to 21,710.67. Despite this, individual stocks witnessed significant movements. Notably, Intel’s stocks surged over 7% following reports that the Trump administration is contemplating investing in the chipmaker. This move aims to fund domestic semiconductor manufacturing facilities.
In other economic news, jobless claims for the week ending August 9 fell to 224,000. This figure surpassed economist expectations of 229,000, indicating continued strength in the labor market despite a hiring slowdown. Treasury Secretary Scott Bessent hinted that the Federal Reserve could potentially cut rates by 1.5 percentage points, commencing with a 50 basis point cut in September.
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