Third-Straight Day of Gains for Dow, S&P Scales New High for ’23

Stocks ticked higher Thursday as the market tried to build on its recent gains, and traders looked ahead to key inflation data next week as well as the Federal Reserve’s latest policy announcement.

The Dow Jones Industrials vaulted 168.26 points to conclude Thursday at 33,833.28.

The much-broader S&P 500 added 26.34 points to 4,293.86.

The S&P 500 is coming off a down session but is still within striking distance of the key 4,300 level. The broader market index also hit its highest level since late August this week, adding to a 2.2% rally month to date. The index is higher 7% over the past three months.

The NASDAQ index 133.63 points, or 1%, to 13,288.52.

Amazon led tech shares higher after bullish analyst commentary. The tech giant’s shares rose more than 2%.

New weekly jobless claims data released on Thursday showed initial jobless claims reached their highest level since October 2021, indicating a potentially softening labour market. The uptick also raised expectations the Federal Reserve would pause its rate-hiking campaign at its meeting next week.

Markets are pricing a 76% chance that the Fed keeps rates steady at the next meeting, according to the CME FedWatch Tool.

Prices for the 10-year Treasury gained ground, dropping yields to 3.71% from Wednesday’s 3.79%. Treasury prices and yields move in
opposite directions.

Oil prices slid $1.51 to $71.02 U.S. a barrel.

Gold prices rocketed $21.00 to $1,979.40 U.S. an ounce.