(Thursday market close) AI- and semiconductor-driven...
(Thursday market close) AI- and semiconductor-driven momentum continued to buoy Wall Street Thursday, fueling a broad market rally that lifted the S&P 500® index (SPX) to its 16th record high close of the year. The Nasdaq Composite® (COMP) also hit a record high one day ahead of the Labor Department's monthly Nonfarm PayrollsReport.
Ongoing optimism over receding inflation and expectations for Federal Reserve interest rate cuts also underpinned stock prices, even as the central bank's leader, Jerome Powell, sounded a cautious note in Congressional testimony this week. Friday's February payrolls report looms as the next major key to market direction.
"All eyes are on Friday's payrolls report," said Cooper Howard, director of fixed income strategy at the Schwab Center for Financial Research. Analysts estimate payrolls grew about 200,000 during February, which would be down from January's stronger-than-expected 353,000 surge but still considered a solid performance. Here's where the major benchmarks ended:
The S&P 500 index rallied 52.60 points (1.0%) to 5,157.36; the Dow Jones Industrial Average gained 130.30 points (0.3%) to 38,791.35; the Nasdaq Composite climbed 241.83 points (1.5%) to 16,273.38.
The 10-year Treasury note yield (TNX) lost almost 2 basis points to 4.085%.
The CboeVolatility Index® (VIX) fell 0.06 to 14.44.
Benchmark U.S. crude oil for April delivery fell 20 cents to $78.93 per barrel Thursday. Brent crude for May delivery was unchanged at $82.96 per barrel.
Wholesale gasoline for April delivery was unchanged at $2.55 a gallon. April heating oilrose 3 centsto $2.69 a gallon. April natural gasfell 11 centsto $1.82 per 1,000 cubic feet.
Friday brings another deadline in the government shutdown saga. Progress...
Friday brings another deadline in the government shutdown saga. Progress arrived Wednesday when the House passed the first tranche of six bills and the Senate is likely to do so today. Odds for a shutdown could grow later this month near a second deadline of March 22.
Natural gas futures are down around half a percent, with weekly inventory...
Natural gas futures are down around half a percent, with weekly inventory data due out later this morning. Analysts expect a draw of 40 bcf, which compares to the 5-year average of -93 bcf.
Gas prices jump back to more than $3 a gallon in Oklahoma
AAA Oklahoma reports the average price this week is $3.03 per gallon,...
AAA Oklahoma reports the average price this week is $3.03 per gallon, 36 cents higher than a month ago when the average was $2.67 a gallon.
Oklahoma City’s new average is $3.10 per gallon, 25 cents more than one week ago and 47 cents higher than a month earlier when the average price was $2.63 per gallon.
Tulsa’s average is less than $3 at $2.94 per gallon. A month ago, Tulsa’s average was down to $2.65.