New York, NY – The Dow Jones Industrial Average surged over 600 points on Thursday, reaching a one-week high in a day marked by volatile trading on Wall Street. The blue-chip index closed up 461.88 points, or 1.1%, at 43,870.35, showcasing a positive turn after a mixed session.
Boosting the Dow’s performance was cloud company Salesforce, which saw a 3.1% increase following three brokerages raising their price targets for the stock. Similarly, shares of tech giant Nvidia rose by 0.5% after surpassing quarterly earnings expectations and projecting strong fourth-quarter revenue.
However, Alphabet, the parent company of Google, experienced a 4.6% decline, hitting a two-week low after the Justice Department recommended selling the Chrome browser and implementing other measures to address concerns about its online search dominance.
On the other hand, Amazon faced a 2.2% drop amid reports of a potential EU investigation into its marketplace practices. Additionally, a report on jobless claims showed an unexpected decrease last week, hinting at possible growth in November’s job market.
Investors are closely monitoring Federal Reserve officials’ statements ahead of the mid-December FOMC meeting, particularly as market expectations lean towards a 25-basis-point interest rate cut. Some officials, like Richmond Fed President Tom Barkin, have expressed concerns about inflationary risks, while Chicago Federal Reserve President Austan Goolsbee has voiced support for gradual interest rate cuts.
Geopolitical tensions between Ukraine and Russia also influenced the market, contributing to a rise in crude oil prices and boosting the energy sector. Machinery manufacturer Deere reported a strong fourth-quarter profit, leading to an 8.1% surge in its shares, while AI company Snowflake saw a remarkable 33% increase after lifting its annual product revenue forecast to $171.35.
Overall, Thursday’s trading session reflected a mix of positive earnings reports, economic data, and geopolitical factors shaping investor sentiment as markets look ahead to upcoming events and policy decisions.