Wall Street ticked higher Thursday as the pressures squeezing it this month from the oil and bond markets relaxed a bit.
- The S&P 500 rose 25 points, or 0.5%, to 4,299.
- The Dow rose 116 points, or 0.3%, to 33,666.
- The Nasdaq rose 108 points, or 0.8%, to 13,201.
A drop in oil prices took some heat off the stock market, a day after crude reached its highest price of the year. Treasury yields also relaxed to give the stock market more of a breather, particularly Big Tech companies, per the AP. A 2% gain for Tesla and 1.7% climb for Meta Platforms were two of the strongest forces lifting the S&P 500. Stocks, though, were still on track for their worst month of the year as Wall Street grapples with a new normal where interest rates will stay high for a while. The Federal Reserve has pulled its main interest rate to the highest level since 2001 in hopes of extinguishing high inflation, and it indicated last week it may cut rates by less next year than earlier expected.
On Wall Street Thursday, Peloton Interactive jumped 6.3% after the online exercise bike and fitness company announced a five-year partnership with athletic wear maker Lululemon Athletica. Trimble rose 7.6% after it said it will get $2 billion in cash and a 15% ownership stake in a joint venture with agricultural machinery company AGCO. Trimble will contribute much of its precision agriculture business to the joint venture. AGCO rose 3%. On the losing end of Wall Street, Micron slumped 4.4% despite reporting better results for the latest quarter than analysts expected. Its forecast for upcoming profitability fell short of some analysts' estimates.
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