Stock Market Today: Nasdaq notches closing record for first time since 2021
Investing.com-- The Nasdaq on Thursday closed at record highs for the first time since 2021, as the artificial-intelligence-led rally continued and an in-line inflation report boosted hopes of a summer interest rate cut.
By 16:00 ET (21:00 GMT), the S&P 500 rose 0.4% to close at a record of 5,092.21, and NASDAQ Composite climbed 0.7% to also close at record of 16,091.92. Both benchmarks their best monthly returns since November. The Dow Jones Industrial Average was up 46 points, 0.1%.
The personal consumption expenditures (PCE) price index rose 0.3% last month, and 2.4% in the 12 months through January. That was the smallest year-on-year increase since February 2021 and followed a 2.6% advance in December, easing investor concerns that sticky inflation will see the Fed keep interest rates at elevated levels for longer.
Treasury yields fell on the news, though losses were kept in check by data showing personal income, which includes earnings, property income as well as other benefits, jumped 1% on the month in January, suggesting the consumer spending is likely to continue.
In another positive development for rate-cut hopes, jobless claims rose 13,000 in the week ended Feb. 17, above economists estimates for an 8,000 increase.
Best Buy (NYSE:BBY) stock rose more than 1% after the electronics retailer posted a smaller drop in fourth-quarter sales than expected and beat profit estimates, benefiting from holiday deals for big-ticket purchases and growth in paid memberships.
Bath & Body Works (NYSE:BBWI) stock fell 5% after the specialty retailer forecast annual sales and profit below analysts' expectations as consumers scaled back spending on non-essential items like candles and fragrances.
Salesforce Inc (NYSE:CRM),
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