Wall Street experienced a positive day on Thursday, driven by a combination of strong corporate earnings, encouraging economic data, and a continued easing of investor anxiety. The S&P 500 surged to a new record high, demonstrating the overall bullish market sentiment.
Several companies reported better-than-expected financial results, contributing to the positive market mood. Micron Technology Inc., a semiconductor company, saw its shares jump by approximately 15% after releasing strong fourth-quarter earnings. Accenture Plc, a global professional services company, also reported positive results for its fourth quarter.
On the economic front, the U.S. economy showed resilience. Core PCE prices, a key inflation indicator, increased by 2.8% in the second quarter, indicating a slowdown from the previous quarter’s 3.7% gain. Meanwhile, initial jobless claims, a measure of layoffs, decreased to 218,000 for the week ending September 21, suggesting a healthy labor market. Additionally, the U.S. economy grew at an annualized rate of 3% in the second quarter, a marked improvement from the revised 1.6% increase in the first quarter.
The CNN Money Fear and Greed Index, a measure of investor sentiment, remained in the “Greed” zone at a reading of 71.8. This indicates a generally positive outlook among investors, as higher fear exerts pressure on stock prices, while higher greed has the opposite effect.
The Dow Jones Industrial Average closed the session higher by approximately 260 points, reaching 42,175.11. The S&P 500 rose 0.40% to 5,745.37, and the Nasdaq Composite gained 0.60% to 18,190.29. Most sectors on the S&P 500 ended the day in positive territory, with materials, information technology, and financials stocks experiencing the most significant gains. However, energy and real estate stocks bucked the overall trend and closed lower.
Investors are eagerly awaiting earnings results from Moving iMage Technologies, Inc., expected to be released today. The company’s performance could further influence market sentiment in the coming days.
