US stocks rise, S&P 500 ends just shy of record
US stocks rise, S&P 500 ends just shy of record
Markets are looking ahead to key US inflation data on Friday, expected to guide future Federal Reserve decisions. Photo: AFP
Wall Street stocks rose on Thursday with tech equities leading, after the White House signalled US President Donald Trump could extend a July tariff deadline.
The shift shows "unexpected flexibility from the US president," said FHN Financial's Chris Low, who also attributed some of the market's strength to some strong economic indicators.
The S&P 500 gained 0.8 percent to 6,141, about three points shy of an all-time record.
The Dow Jones climbed 0.9 percent to 43,386, while the Nasdaq jumped 1.0 percent to 20,167.
The latest Trump indications on trade talks followed solid earnings from chip company Micron that helped add to the market's gains this week following the Iran-Israel ceasefire.
While Micron itself finished lower, large tech names such as Google parent Alphabet, Netflix and artificial intelligence player Nvidia advanced.
Data released on Thursday meanwhile showed the US economy decreased at an annual rate of 0.5 percent in the first quarter, a bigger fall than in the previous GDP estimate.
But on the positive side, US durable goods orders for May topped estimates while labour market data was mixed.
Markets are looking ahead to key US inflation data on Friday, expected to guide future Federal Reserve decisions.
Among individual companies, McCormick & Company shot up 5.3 percent, with analysts pointing to a strong performance in its consumer business due to more dining at home. (AFP)
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