Record High for Dow as Wall Street Celebrates Fifth Day of Gains
U.S. stocks closed higher on Thursday, with the Dow Jones Industrial Average setting a new record high as markets celebrated their fifth consecutive day of gains. The Dow rose by 1%, surpassing its previous record, while the S&P 500 and the Nasdaq composite saw increases of 0.3% and 0.2% respectively.
The benchmark S&P 500’s 1.7% gain for the week has nearly erased losses from the previous week, bringing the index within a hair’s breadth of its all-time high. “Market behavior has normalized following several volatile weeks surrounding the November election,” says Mark Hackett, Chief of Investment Research at Nationwide.
Several companies reported strong quarterly earnings, contributing to the positive momentum:
- Full Truck Alliance shares soared 14.8% after beating consensus estimates
- Global-E Online jumped 12% on better-than-expected results
This surge reflects growing investor confidence in the economic policies under the incoming Trump administration, particularly expectations of business-friendly deregulation measures.
Source: U.S. News