Stock Market Today: S&P 500 notches record close as stocks continue record run

investing.com:

Investing.com-- The S&P 500 closed at record highs Thursday, as rally in stocks continued, a day after the Federal Reserve continued to signal three rate cuts for this year.  

At 16:00 ET (20:00 GMT), the S&P 500 rose 0.3% to a closing record of 5,239.88, the Dow Jones Industrial Average rose 269 points, or 0.7%, and the NASDAQ Composite climbed 0.20%. All three major averages closed at record highs for the second straight day. 

Risk appetite has been boosted by the prospect of lower interest rates and a resilient U.S. economy, after Fed officials maintained their forecasts for three rate cuts this year.

Goldman Sachs economists said in a Wednesday note they believe that Federal Reserve are unlikely to delay rate cuts for an extended period and are planning the first reduction at the June meeting.

“We continue to expect cuts in June, September, and December, for a total of 3 cuts in 2024,” they added.

On the economic front, data continued to show strength in the labor market as new claims for unemployment benefits unexpectedly fell last week, while the Phillip Fed index reading surprised to the upside, underscoring the recovery in manufacturing activity.  

Additionally, the Philadelphia Fed manufacturing index showed unexpected growth in March.

Apple Inc (NASDAQ:AAPL) fell more than 4% after the U.S. Department of Justice and 16 states on Thursday filed a lawsuit against the tech giant, alleging that it is illegally monopolizing the smartphone market. 

Apple in statement vowed to «vigorously» defend against the lawsuit, believing it to be «wrong on the facts and the law.»

Micron Technology (NASDAQ:MU) stock soared 14%, climbing to a record high, after the chipmaker posted a surprise profit and forecast strong