By Shreyashi Sanyal
(Reuters) – It was record high on Thursday after the Federal Reserve showed it could cut interest rates as soon as next month to offset rising risk for global and domestic growth.
The US Federal Reserve left prices unchanged at the end of its two-day political meeting on Wednesday, but promised to "act as appropriate" to maintain economic health. [1
The benchmark index, the S & P 500 index, which has increased 7.4% so far in June and is on track to recover its previous month's losses, hit an intraday record high of 2 956.20 on Thursday.
"Chairman Jerome Powell's comments" The case of extra accommodation has strengthened "was exactly what market participants wanted to hear," said Robert Johnson, CEO of Economic Index Associates in New York.
"A continuing trade war with China may be the catalyst that sends the US economy to recession and price reductions can be considered preemptive strikes by the Fed to prevent it from happening.
Financial stocks were flat, while the energy index rose 1.98%. most of all 11 major S&P sectors, when oil prices rose above 3% on renewed tensions in the Middle East after Iran shot down a US military drone.
At 9:53 AM, it was 241.66 points, or 0, 91%, 26,745.66 and S & P 500 were up 28.07 points, or 0.96% at 2.954.53
There were up 91.66 points, or 1.15%, of 8.078.98.
The technology sector rose 1.57%, and the maximum increased S & P 500 with big cap favorites Microsoft Corp. (NASDAQ:) and Apple Inc. (NASDAQ 🙂 who lead the tax.
Also to help tech stocks were Oracle Corp (NYSE :), which jumped 8.15%, after the business software manufacturer forecasts earnings last year over estimate
Boeing (NYSE 🙂 Co received 1.01% after the planner said it is in talks with other airlines for the sale of its 737 MAX after receiving a letter of intent for 200 of the grounded aircraft from British Airways owner IAG (LON :).
Cruise operator Carnival (NYSE 🙂 Corp hit 9.77%, mostly among the S&P companies, having asked their forecast for the year on the Trump Administration's sudden ban on cruises to Cuba and expected lower fares in the coming months.
Rivals Royal Caribbean Cruises Ltd and Norwegian Cruise Line Holdings Ltd fell more than 2% each.
There were also data showing that the number of Americans filed for unemployment service applications, dropped more than expected last week, and pointed to underlying labor force despite a sharp decline in employment growth in May.
Acceleration problems exceeded decliners with a 6.14 to 1 ratio on the NYSE and with a 3.14 to 1 ratio on the Nasdaq.
The S&P index recorded 92 new 52 weeks and two new downs, while Nasdaq recorded 99 new heights and 16 new downs.