- US equities rallied Thursday as traders mulled over coming interest rate hikes.
- The Dow popped more than 300 points, supported by Salesforce's gains on strong corporate earnings.
US stocks rallied Thursday as a Federal Reserve official's comments on coming interest rates hikes cheered investors.
After opening in mixed territory, the major indexes closed in the green, even as the 2-year note yield reached levels not seen in over a decade. The Dow Jones Industrial Average popped more than 300 points to lead the gains, supported by Salesforce's strong earnings.
Atlanta Fed President Raphael Bostic said that he's $4 in favor of a quarter-point hike for now, adding that it's important for the central bank to move cautiously.
That comes after other Fed officials have hinted at the possibility of a half-point increase as recent data have pointed to a resilient economy that needs more slowing to get inflation under control.
Earlier on Thursday, jobless claims fell for a third straight week, remaining below 200,000, in a sign the labor market is still strong.
Here's where US indexes stood at the 4:00 p.m. ET close on Thursday:
- S&P 500>$4: 3,981.36, up 0.76%
- Dow Jones Industrial Average>$4: 33,003.57, up 1.05% (341.73 points)
- Nasdaq Composite>$4: 11,462.98, up 0.73%
Here's what else happened today:
- $4 to be on the opposite side of every Jim Cramer trade, with the launch of an ETF that shorts the financial pundit's stock recommendations.
- $4 a debt crisis, recession, and stagflation trifecta will hit the US economy this year.
- $4 have more than tripled since the start of 2023, according to MSCI.
- $4 are on track hit a record high this month.
In commodities, bonds and crypto: