Fuelled by optimism and comments by Janet Yellen, chairman of the Federal Reserve Board, major indexes roared in to record territory. Yellen in the second day of testimony to Congress reaffirmed that to achieve the Fed's neutral policy, interest rates did not have that much farther to go.
The Dow and the S&P 500 traded within record territory. The blue chip index ranged between 21,537 at open hitting an intraday high of 21,568 before closing up +0.11% to 21,533.
The S&P 500 also flirted with its record high of 2,454. It closed +0.23% higher to 2,447. Nasdaq closed +0.26%.
- Dow 21,553 +0.10%
- S&P 500 2,447 +0.19%
- Nasdaq 6,274 +0.21%
- Russell 2000 1,425 +0.09%
- NYSE Composite 11,844 +0.16%
- Gold 1,217 -0.13%
- Oil WTI $48.39 +1.36%
- 10-Year Treasury Yield 2.34% -0.01
What's with retail?
They were plenty of dire predictions of the end of traditional bricks and mortar stores after the Amazon deal with Whole Foods. However, the retail sector made quite a few gains particularly among the traditional retailers. The apparel retailers were among the best performers in Thursday's trading up +2.04%
On the New York Stock Exchange, retailers felt the love from investors doing their own bargain shopping. Macy's went up +4.10%, Target also climbed +4.80% on Q2 guidance on same store sales and earnings.
While J.C. Penney soared +7.79% as it announced it was adding toy shops to all of its stores as a means to drive traffic and sales revenue.
Bon-Ton Stores zoomed up +143% after it unveiled its new "Style2Go" online fashion solution that promises one click access to on-trend outfits developed by company stylists and revealed weekly.
Snap back, share price boost
Snap's stock price had taken a beating falling -9.36% over the last five days, but today it kept on ticking rising +3.15% to $15.69. In Wednsday's trading the stock hit a low of $15.21.
Snap's comeback in Thursday trading was a result of analyst, Scott Devitt from Stifel, upgrading the stock to buy from hold.
According to MarketWatch, Devitt wrote in a research note: "We do not believe the wheels are falling off Snap's user growth story. He sees Snap's growth as stable along with strong user engagement for the app.
Breaking news: Financial companies' second-quarter results will take centre stage as Citigroup, JPMorgan Chase and Wells Fargo are due to announce before market open on Friday.
Data from US Consumer Price Index for June is also due on Friday with consensual forecast of +0.1%