U.S stocks rallied on Thursday as major averages hit new records amid easing fears of inflation and rates. According to CNBC, investors were cheered by slightly better-than-expected weekly jobless claims which came at 712,000 below projected 725,000.
S&P 500 rose 1.3% to reach an all-time high, its first record since February 16.
The Dow Jones Industrial Average gained 350 points to hit an intraday record
The Nasdaq Composite jumped 2.3% amid a rotation back into tech stocks
Tesla gained 4%, while Apple, Facebook, and Netflix all jumped at least 2%
U.S 10-year Treasury yield was little changed at 1.51%
Tech and growth stocks rebounded from a swift correction triggered by rising interest rates
The economic reopening, together with additional fiscal stimulus accelerated the rotation into more cyclical sectors such as energy.
U.S stocks are currently gaining. S&P 500 is up 1.44%, DJI is up 1.04%, Nasdaq Composite is up 2.60%.
