S&P 500 closes at record high, Dow gains 300 points in late-day rally

The S&P 500 closed at a new record high, as all three major indexes ended Thursday’s trading session in positive territory, after clawing back the steep losses suffered earlier in the week. This marks the 11th record high that the 500-stock benchmark has cinched so far this year. The broad stock index climbed 0.58%, settling at 5,029.73, while the Nasdaq Composite added 0.30% to close at 15,906.17. The Dow Jones Industrial Average traded 348.85 points higher, or 0.91%, to end at 38,773.12. Tesla and Meta Platforms outperformed, rising 6% and 2%, respectively. Shares of Wells Fargo rose 7% after the Office of the Comptroller of the Currency ended a key penalty for the bank. Investors have spent the week assessing where things stand in the U.S. economy, but a slew of indicators have given mixed signals so far. Fresh data from Thursday morning revealed that retail sales dropped 0.8% in January. That’s much more than the 0.3% decline expected by economists, according to Dow Jones. This raised some concern about the strength of the U.S. consumer under the weight of sticky inflation and high interest rates, and sent Treasury yields down. Earnings season has continued to paint a muddled picture of corporate America. Tripadvisor jumped 9% after beating estimates on the top and bottom lines. On the other hand, Cisco shares were down 2% after the tech company announced layoffs and a weak sales outlook. Deere stock dropped 5% after the agricultural machinery manufacturer lowered guidance for its full-year profits. Stocks seesawed this week after a hotter-than-expected inflation print sent the market reeling on Tuesday, with the Dow posting its biggest one-day loss since March 2023. The 30-stock index is now 0.26% higher for the week, while the S&P 500 is set to close the week with a 0.06% gain. The Nasdaq, however, is on pace to lose 0.53%. “Not surprising with a moderately hotter CPI, we had an outsized reaction, and I think we likely will try to spend the rest of the week clawing some of that back. Yesterday was a good example of that, and today feels like the same kind of grind higher,” Art Hogan, chief market strategist at B. Riley Wealth Management told CNBC in an interview. “We’re constructive on this market heading forward.”