NEW YORK (AP) — U.S. stocks rose to a record high on Thursday, with Wall Street regaining some of the momentum from last year's record high of 57 points.
The S&P 500 rose 0.5% after the previous day's close, surpassing the record set early last month. It was the seventh time in eight days that the leading gauge of Wall Street's health had risen. The Dow Jones Industrial Average rose 408 points, or 0.9%, and the Nasdaq Composite rose 0.2%.
The rise comes amid relatively calm trends in Treasury yields in the U.S. bond market. Wild swings have been rocking the stock market in recent months, especially as rising concerns about inflation and the U.S. government's heavy debt load have sent Treasury yields higher.
U.S. Treasury yields briefly rose after President Donald Trump began talking about the prospect of tariffs in a video speech at the World Economic Forum, saying products made outside the U.S. would be subject to tariffs, but after President Trump's remarks, the U.S. Treasury yields briefly recovered. Some details are provided. Crude prices also fell after Trump called on oil-producing countries to lower crude prices to ease inflation concerns.
The 10-year Treasury yield climbed to 4.64% from 4.61% late Wednesday, but remained below its highs earlier this month. The two-year Treasury yield fell to 4.29% from 4.30% Wednesday night.
Yields held relatively steady earlier in the day after a report showed U.S. workers filed for jobless benefits last week slightly more than economists expected. Chris Larkin, managing director of E-Trade trading and investing at Morgan Stanley, said that while the numbers had increased, they were "still within the modest range identified in recent months." "Employment continues to highlight the outperformance of the U.S. economy."
Traders did not expect the report to prompt the Federal Reserve to cut its key interest rate at its upcoming meeting next week, according to CME Group data. If they are correct, it would be the first meeting since September at which the Fed does not lower the federal funds rate to ease pressure on the U.S. economy. Lower interest rates may push investment prices higher, but they can also give inflation more momentum.
On Wall Street, GE Aerospace shares rose 6.6% after reporting its latest quarterly profit was stronger than analysts expected. The company, which was spun off from General Electric last year along with two other companies, said its orders for aircraft engines and services rose 50% from the previous year to $12.9 billion.
Netflix is another one of the strongest drivers of the S&P 500. The company's shares rose 9.7% after reporting a better-than-expected earnings report the day before and later rose 3.2%.
Union Pacific shares rose 5.2% after its latest quarterly profit beat analysts' expectations. The railroad said employees were more productive and fuel consumption improved during the quarter.
American Airlines still fell 8.7% despite reporting profits and revenue in its latest quarter that topped analysts' expectations. The company said losses in the first three months of 2025 could exceed analysts' expectations. American also gave a full-year profit forecast range, with the midpoint lower than analysts' expectations.
Electronic Arts, the video game maker, warned of a slowdown in revenue related to its football game EA Sports FC25, sending its shares down 16.7%. The company also said fewer players played its Dragon Age game in the latest quarter than expected, further cutting into its revenue.
All told, the S&P 500 gained 32.34 points to 6,118.71. The Dow Jones Industrial Average rose 408.34 points to 44,565.07, and the Nasdaq Composite rose 44.34 points to 20,053.68.
Overseas stock markets were mostly muted despite China's recent attempts to boost share prices in the world's second-largest economy. For example, Hong Kong stocks got a brief boost as China required pension funds and mutual funds to invest more in domestic stocks, but the Hang Seng Index closed down 0.4%.
Japan's Nikkei 225 rose 0.8%, although Fuji Media Holdings fell sharply after top TV host and former pop star Masahiro Nakai said he would retire to take responsibility over sexual assault allegations. part of a wave shaking Japan's entertainment industry. The Fuji TV scandal triggered massive advertising losses at one of the stations where he worked.
In the cryptocurrency market, Bitcoin prices surged, with Bitcoin falling below $103,000 as President Donald Trump wants Washington to be more friendly to the industry. A record of more than $109,000 was set on Monday.
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AP Business Writers Matt Ott and Elaine Kurtenbach contributed.