The market was in rally mode Thursday as stocks extended their gains for another consecutive day in an attempt to snap long weekly losing streaks.
All of the major averages ended the day higher, with the Dow rising for a fifth straight day and on track to snap its eight-week losing streak. The S&P 500 jumped to reclaim the 4,000 level at the close for the first time since May 17.
Meanwhile, the Nasdaq Composite started the trading day from behind and charged ahead of the other two major indexes. Tech-led losses have made the index the laggard in previous sessions. The S&P and Nasdaq are both riding seven-week losing streaks. |
Retail earnings continued to drive the market action on Thursday, starting with strong quarterly releases by Macy’s and Williams-Sonoma.
Discount retailer Dollar Tree followed and was a notable gainer in the S&P 500 and Nasdaq with a 21.9% jump. Dollar General was right behind it, showing investors there is strength beyond just the high-end consumers.
Tech stocks were big movers, too. Chipmaker Broadcom announced plans to acquire VMWare for $61 billion in cash and stock, making it one of the biggest tech deals of all time when completed. Twitter shares rose as Elon Musk continued efforts to complete his takeover of the company, this time by upping his commitment to $33.5 billion.
|
