The S&P 500 nabbed a fresh record close on Thursday, its 42nd this year, after upbeat economic data eased concerns that a potential economic downturn drove the Federal Reserve’s recent interest rate cut. Both the Dow added and Nasdaq added triple digits as Micron Technology’s (MU) post-earnings pop gave the chip sector a boost, but the former fell short of another all-time peak today.
OIL PRICES TUMBLE ON SAUDI ARABIA’S PLANS
Oil prices tumbled to roughly two-week lows on Thursday, amid reports that Saudi Arabia will abandon its price target of $100 per barrel and increase production. Plus, Hurricane Helene is expected to miss a significant portion of the Gulf of Mexico. November-dated West Texas Intermediate (WTI) crude fell $2.02, or 2.9%, to settle at $67.67 per barrel.Meanwhile, gold prices settled higher as investors continue to speculate on additional interest rate cuts, providing a halo lift to silver prices. Gold for December delivery was last seen 0.4% higher at $2,694.20.More By This Author:Stocks Resume Uptrend As SPX Nabs Another All-Time HighDow Pulls Back From Record, Snaps Win Streak Dow, SPX Nab New Highs Before Turning Lower
