The S&P 500, Nasdaq 100, and Russell 2000 all posted fresh closing highs on Thursday.
The benchmark US stock index ended 0.5% higher, the Nasdaq 100 rallied 1%, and the Russell 2000 far outperformed with a 2.5% advance. Blue Horseshoe loves Anacott Steel, and small cap stocks love Federal Reserve rate cuts.
The record close for the small cap Russell 2000 was its first since November 2021, which means it’s also the first time in nearly four years that all three major indexes closed at fresh peaks on the same day.
Tech was far and away the best-performing S&P 500 sector ETF, while consumer staples was at the bottom of the leaderboard.
Gains on the day were led by Intel, which jumped 22.8%, its biggest one-day advance since 1987, after Nvidia said it would buy $5 billion worth of Intel stock as part of a broader partnership to co-develop data center and PC products. The news was a blow to Advanced Micro Devices, which was down big early but recovered to finish off just 0.8%. Elsewhere…
