The Nasdaq composite gained 1.6% Thursday, reclaiming its 50-day moving average and outpacing the Dow and S&P 500 in a second straight day of gains after the Federal Reserve's decision. A surprise drop in jobless claims helped the market, while AI-linked stocks also found buyers.
The Nasdaq composite gained 1.6% around noon Thursday, reclaiming its 50-day moving average in a positive day-two reaction to the Fed. The Dow Jones Industrial Average climbed 0.7%. The S&P 500 popped 1.1% and also reclaimed its 50-day line.
The small-cap Russell 2000 also tacked on 1.2%, a sign the rally reached beyond mega-cap technology names.
AI-linked names drive the gains
Among Dow blue chips, Cisco, Nvidia, Amazon and Caterpillar each gained nearly 2% or more, while Salesforce gave back nearly 3%. Elsewhere, Nebius stock jumped more than 9% after the company raised AI computing prices by an average of 20%, bouncing off its 50-day line. Fellow AI computing name Iren popped more than 5%, moving toward its 200-day moving average.
Jobless claims surprise to the downside
Helping the market was a report from the U.S. Labor Department showing initial jobless claims fell to 196,000 from 206,000 the prior week, below Econoday estimates of 208,000.
Yields ease, oil slips
The 10-year Treasury yield retreated six basis points to 4.95% after rising Tuesday to just over 5%, a 19-year high. Crude oil prices, meanwhile, declined to around $101.30 a barrel as Saudi Arabia aims to partially restart a key pipeline, up from premarket lows near $99.
Source: Investor's Business Daily
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