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US stocks continued their upward climb during Thursday’s trading session, with the S&P 500 rising approximately 0.4%, nearing record highs. Fueled by speculation about replacing Federal Reserve Chair Jerome Powell and positive economic data, the market saw robust gains.
The tech-heavy Nasdaq Composite advanced by about 0.5%, outperforming its previous session, while the Dow Jones Industrial Average surged over 200 points. The rally is largely attributed to growing expectations that the Federal Reserve might cut interest rates sooner than anticipated.
A Wall Street Journal report suggested President Trump is considering an early announcement of his nominee for Federal Reserve Chair, potentially paving the way for a “shadow chair” to push for a more accommodative monetary policy.
Wall Street stocks, which have hit record levels not seen since February, also benefited from US economic data highlighting stronger-than-expected growth and labor market resilience. Weekly unemployment claims dropped to 235,000 from 246,000, beating market expectations of 245,000. Additionally, the final US GDP reading for the first quarter rose to 3.8%, up from 3.7% and surpassing market forecasts of no change.
