The S&P 500 index touched a record high on Thursday, driven Wall Street's e...
- The S&P 500 index touched a record high on Thursday, driven Wall Street’s expectations that the Federal Reserve will cut interest rates as soon as next month to keep the U.S.-China trade war from stalling economic growth.
The benchmark S&P 500 index, which has risen about 7% so far in June, hit an intraday record high of 2,956.20 on Thursday. The energy index jumped 1.92%, the most among the 11 major S&P sectors, as oil prices surged over 5% on renewed tensions in the Middle East after Iran shot down a U.S. military drone.
The technology sector rose 1.13%, boosting the S&P 500 by the most, with Oracle Corp leading the charge. Buoying sentiment was data which showed the number of Americans filing applications for unemployment benefits fell more than expected last week, pointing to underlying labor market strength despite a sharp slowdown in job growth in May.
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