Stocks rose to a record on Thursday as Wall Street made its final moves ahead of an update on the job market, one that could clear the way for the cuts to interest rates that investors love.
- The S&P 500 rose 53.82 points, or 0.8%, to 6,502.08, topping the all-time high it set last week.
- The Dow Jones Industrial Average rose 350.06 points, or 0.8%, to 45,621.29.
- The Nasdaq composite rose 209.97 points, or 1%, to 21,707.69.
American Eagle Outfitters jumped 37.9% after the teen fashion retailer reported more than double the profit that analysts had expected for its latest quarter. It benefited from a frenzy of media attention in late July over a provocative advertising campaign featuring actor Sydney Sweeney, the
AP reports. The ads—which featured the tagline "Sydney Sweeney has great jeans"—
sparked a debate about race, Western beauty standards, and the backlash to "woke" American politics and culture.
Treasury yields fell following data that showed weaker hiring among private employers and a potential increase in layoffs. One report suggested employers, not including the government, nearly halved their hiring last month. Another said that more workers applied for unemployment benefits last week in an indication of rising layoffs. Neither is flashing a recession, but a slowdown in the job market could push the Federal Reserve to cut its main interest rate in a couple of weeks. A more comprehensive report on the job market's health during August will arrive on Friday from the US Labor Department, and it will likely carry much weight with the Fed.
On Wall Street, Hewlett Packard Enterprise added 0.7% following itsbetter-than-expected profit report. T. Rowe Price climbed 5.8% after announcing a deal where Goldman Sachs plans to buy up to $1 billion of its stock, or up to 3.5% of all its shares. They're teaming up to offer access to some of the private markets where Goldman Sachs is an expert to the retirement savers and other investors that T. Rowe Price serves. Goldman Sachs added 2.6%.
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On the losing side of Wall Street was Salesforce, which was one of the heaviest weights on the market despite reporting a better profit than analysts expected. Analysts called the performance solid but suggested some of it may have come from one-time factors. The company, which helps businesses manage their customers, slumped 4.9%. C3.ai fell 7.3% after reporting a larger loss for the latest quarter than analysts expected. Figma tumbled 20% even though the company, which offers a design and product development platform, reported results for the latest quarter that roughly matched analysts' expectations.
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