Stock market today
A rally for the US stock market today. Small-cap stocks outperformed and Nasdaq underperformed. Dow Jones closed 506 points higher, and S&P 500 gained 53 points. The closing numbers for the US stock market today follow.
S&P 500: 4,448.98,+53.34(+1.21%)
Dow 30: 34,764.82,+506.50(+1.48%)
Russell 2000: 2,259.04,+40.48(+1.82%)
Stock market news
Stocks extended gains Thursday, as investors cheered the Federal Reserve’s latest signals on monetary policy, which suggested the central bank was warming to a near-term policy adjustment as the economy improved further.
Traders also eyed developments on China Evergrande (3333.HK), which faced an about $84 million interest payment for foreign bondholders on Thursday, in one of a string of liabilities coming due for the debt-ridden Chinese property giant as it tries to avert a default. The stock rallied 17% on the Hong Kong Stock Exchange after the company said it agreed to settle interest payments for an onshore note on Wednesday, even as the fate of its offshore payments hang in balance.
Major Wall Street indices surged, extending gains made a day earlier, when the blue-chip index rose for the first time in five sessions and shook off some of its steep losses from the start of this week. The S&P 500 posted its best day since July, and the Dow added more than 500 points, or 1.5%.
The Federal Reserve’s upbeat tone on the economic recovery, and suggestion that the timing of the tapering process of its asset purchase program would come largely in-line with market expectations, helped sustain a rally in risk assets during Wednesday’s session. Fed Chair Jerome Powell reiterated that he believed the U.S. economy had already surpassed the central bank’s goals for inflation, and said a “reasonably good” September jobs report would indicate that the Fed’s employment goals to begin tapering had been satisfied as well.
More members of the Federal Open Market Committee also pulled forward their expectations for when interest rates would be hiked from their current near-zero levels, with exactly half of FOMC members now projecting at least a first hike by year-end 2022.”