Record-breaking day for Wall Street, propelled by Intel's remarkable performance since the '80s
In a day marked by significant financial movements, the S&P 500, Dow Jones Industrial Average, and Nasdaq composite all experienced gains, with the S&P 500 reaching an all-time high of 6,631.96. The Nasdaq composite climbed 0.9%, and all three indices set new records.
The tech giant, Intel, saw a surge of 22.8%, marking its best day since 1987. Nvidia, another tech company, climbed 3.5% and was the strongest force lifting the S&P 500. Nvidia also announced it would buy $5 billion of Intel's stock.
However, Darden Restaurants, the company behind popular chains like Olive Garden, saw a decline of 7.7%.
The Federal Reserve, led by Chairman Jerome H. Powell, indicated that more interest rate cuts may be on the horizon. This announcement came as the yield on the 10-year Treasury jumped to 4.11%, having briefly dropped below 4% earlier in the day, weighed down by expectations for continued cuts to interest rates by the Fed.
In the healthcare sector, Novo Nordisk's once-a-day pill version of Wegovy helped people lose significant weight. Additionally, the company's Ozempic product reduced the risk of heart attack, stroke, and death for patients versus another treatment for some people with Type 2 diabetes.
Meanwhile, the Federal Trade Commission and a group of state attorneys general sued Ticketmaster, a business owned by Live Nation, accusing it of forcing fans to pay more for live events through illegal tactics.
In the world of entertainment, The Walt Disney Co. announced that its ABC television division had suspended Jimmy Kimmel's late-night show indefinitely after his comments led a group of ABC-affiliated stations to say they would not air the show. FCC Chairman Brendan Carr called Kimmel's comments 'truly sick' and said his agency has a strong case for holding Kimmel, ABC, and Disney accountable for spreading misinformation.
On the employment front, fewer U.S. workers applied for unemployment benefits last week than expected, indicating a potential slowdown in the job market. The job market has indeed slowed, and the Federal Reserve cut its main interest rate for the first time this year.
Indexes rose in Europe following a mixed performance in Asia. London's FTSE 100 added 0.2%, South Korea's Kospi rallied 1.4%, and Hong Kong's Hang Seng fell 1.4%.
The S&P 500 rose 31.61 points, the Dow Jones industrial average added 124.10 points, and the Nasdaq composite climbed 209.40 points.
This article was written by Choe for the Associated Press, and AP Writers Teresa Cerojano and Matt Ott contributed to this article.
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