The US stock market indices ended higher on Thursday, with the S&P 500 closing at a record high and the Nasdaq composite rallying 1.5%, led by gains in technology and growth stocks on rising optimism about prospects for Federal Reserve rate cuts this year.
The Dow Jones Industrial Average gained 130.30 points, or 0.34%, to 38,791.35, while the S&P 500 rallied 52.60 points, or 1.03%, to 5,157.36. The Nasdaq Composite hit an intraday record high and narrowly missed a closing record to end 241.83 points, or 1.51%, higher at 16,273.38.
Gains in US markets came after the Federal Reserve Chair Jerome Powell told a US Senate committee that the central bank is “not far” from being confident inflation is declining toward the 2% target, which would make rate cuts possible, Reuters reported.
Read here: US Fed is ‘not far’ from gaining confidence needed to cut interest rates, says Powell
Powell’s comments bolstered investor expectations for a first rate cut in June and boosted equity indexes that had faltered in the days leading up…
