Wall Street stocks soared to new record highs on Wednesday, fueled by optimism over further interest rate cuts and the potential for an artificial intelligence boom, bolstered by strong earnings from Salesforce.
All three major indices reached new milestones, with the Dow Jones Industrial Average closing above 45,000 for the first time. The Dow rose 0.7% to finish at 45,014.04, while the S&P 500 climbed 0.6% to 6,086.49. The Nasdaq Composite, driven by tech stocks, surged 1.3% to close at 19,735.12.
In the bond market, the yield on 10-year US Treasury notes eased to 4.187% from Tuesday’s 4.231%.
Meanwhile, Asian markets traded within a narrow range on Thursday as investors assessed the impact of political developments in France and South Korea.
Japan and Taiwan saw gains in their stock benchmarks, while indexes in China and Hong Kong declined. South Korean equities fell as the ruling party attempted to block President Yoon Suk Yeol’s potential impeachment ahead of a motion expected on Saturday. The South Korean won weakened, with officials calling for stability following a surprise martial-law decree.
Singapore’s Straits Times Index was poised for a record close, bolstered by renewed optimism in the banking sector and Robinhood Markets Inc.’s announcement of plans to expand into Asia, using Singapore as its regional base. The Straits Times Index is Southeast Asia’s top-performing gauge this year, up 18%.
In China, the Xinhua News Agency published articles ahead of an upcoming key economic meeting, cautioning against pursuing rapid growth at all costs and emphasizing the need to boost domestic consumption.
In Asian trading, the yield on 10-year US Treasuries edged up one basis point following Wednesday’s decline, while the dollar index remained steady. US stock futures dipped slightly.
