Wall Street roared higher Thursday, adding to its rally from the day before on hopes the Federal Reserve may finally be done with its market-rattling hikes to interest rates:
- The Dow rose 564 points, or 1.7%, to 33,839.
- The S&P 500 rose 79 points, or 1.8%, to 4,317.
- The Nasdaq rose 232 points, or 1.7%, to 13,294.
Hopes for no more Fed hikes had financial markets around the world ebullient, per the AP. Stock indexes jumped 1.8% in South Korea, 1.1% in Japan, 1.5% in Germany, and 1.8% in France. In London, the FTSE 100 climbed 1.4% after the Bank of England left its main interest alone, like the Fed. In the US, big companies continue to report better profits for the summer than analysts expected. Eli Lilly was one of the strongest forces pushing the S&P 500 upward after it reported stronger profit and revenue than analysts estimated. Its stock rose 3.8% after it said it benefited from soaring sales for its blockbuster diabetes treatment, Mounjaro, which is widely used for weight loss.
Starbucks jumped 10.3% after reporting stronger profit and revenue for the latest quarter than Wall Street forecast. It benefited from customers buying more and paying higher prices. Also on Thursday, Cedar Fair and Six Flags said they'll merge to create an expansive amusement park operator with operations spread across 17 US states and three countries. Their stocks were mixed, but both remain up more than 7% this week after rumors of the deal spread. On the losing end of Wall Street was Moderna, which sank 8.1% after reporting a much worse loss for the latest quarter than analysts expected.
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