S&P, Nasdaq jump for 4th straight day
Published On Sep 12, 2024, 4:06 PM
On Thursday, U.S. stocks rose as investors reacted positively to new inflation and labor data, leading to expectations of a smaller interest rate cut from the Federal Reserve next week. The S&P 500 increased by 0.7%, marking its fourth consecutive positive day, while the tech-heavy Nasdaq Composite jumped about 1%. Key data, including a 0.2% rise in the Producer Price Index and an increase in jobless claims, fueled expectations for a 25 basis point rate cut rather than a larger reduction. In corporate news, Moderna's stock fell 12% after adjusting its revenue forecast. Additionally, tech companies like Nvidia and Meta saw gains, bolstering market optimism.