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The Dow Jones Industrial Average and the S&P 500 rose Thursday as investors poured into cyclical stocks poised to benefit from an accelerating economy and rotated out of technology shares such as Nvidia, which just reported quarterly earnings.
The 30-stock index popped 461.88 points, or 1.1%, to 43,870.35.
The much-broader index jumped 31.6 points to 5,948.71.
The NASDAQ Composite eked 6.28 points to 18,972.42.
Some of Thursday’s winners included bank stocks such as Goldman Sachs, industrials giant Caterpillar and retailer Home Depot.
Some other technology stocks felt the pressure. Amazon slumped nearly 3%, while Meta Platforms slipped about 1%. Alphabet declined by 6%, falling for a second session on antitrust fears. Snowflake was one bright spot in the sector, popping nearly 30% after the company topped Wall Street’s estimates and lifted its product revenue guidance for the fiscal year. Salesforce rallied about 5%, helping to lift the Dow.
Bitcoin also hit a fresh milestone, crossing the $98,000 level for the first time late Wednesday as investors maintained their hopes that a second Donald Trump presidency will usher in supportive regulation for the industry. It was last trading around $96,566.
Prices for the 10-year Treasury were unchanged, keeping yields at Wednesday’s 4.42%. Treasury prices and yields move in opposite directions.
Oil prices gained $1.46 to $70.21 U.S. a barrel.
Prices for gold took on $21.70 an ounce to $2,671.40 U.S.
