S&P 500 and Nasdaq close in on record as stock market rises at Thursday open....đđđđ
U.S. stocks opened higher, with the broad S&P 500 and tech-heavy Nasdaq close to their regular-session record highs.
Micron's strong quarterly results are re-fueling artificial intelligence optimism. Shares of Nvidia climbed to a record high.
Meanwhile, President Donald Trump's new aim at Federal Reserve Chairman Powell may also accelerate bets for faster rate cuts.
For months, Trump has berated Powell for holding interest rates steady. He's now considering selecting and announcing Powell's replacement early around September or October, or even this summer if Trump really gets fed up, the Wall Street Journal reported. An early announcement would allow the new pick to make policy and interest rate comments in the background and undermine Powell.
Lower interest rates make borrowing less expensive, which encourages companies and individuals to spend more and boost the economy.
At 9:35 a.m. ET, the blue-chip Dow added 0.52%, or 225.53 points, to 43,207.96; the S&P 500 rose 0.38%, or 23.17 points, to 6,115.33. The Nasdaq gained 0.27%, or 53.98 points, to 20,027.53. The benchmark 10-year Treasury yield fell to 4.265%.
Powell just wrapped up two-days of testimony before Congress, reiterating his wait-and-see approach to interest rates. He stuck to his script, saying he wanted to wait to see the effects of tariffs on inflation, the economy and the labor market before making any interest rate decisions.
