US Stock Market News: Dow Jones extends gains to 7th day in a row, up over 700 pts for week

US Stock Market News Today: It was yet another day of solid gains in the US share market on Thursday amid broad-based buying led by real estate, utility, energy and material shares, with the 30-blue-chip Dow Jones Industrial Average index closing higher for the seventh session in a row. The spice in the US stock market came after a worse-than-expected weekly US jobs reading supported bets the Fed may reduce benchmark interest rates soon. The Dow Jones, whose 30 constituents include Apple, Amazon, Microsoft, Intel, Coca-Cola, Nike, Goldman Sachs, JPMorgan Chase and Boeing, took its gain for the week beyond 700 points. 

How the Dow Jones, S&P 500, Nasdaq Composite, Russell 2000 fared at the close

The Dow Jones Industrial Average rose 331. points, or 0.9 per cent, to end at 39,387.8, the S&P 500 gained 26.4 points, or 0.5 per cent, to 5,214.1, and the Nasdaq Composite settled at 16,346.3, up 43.5 points, or 0.3 per cent, for the day. 

The Russell 2000 index of smaller companies also rose, settling with a gain of 18.5 points, or 0.9 per cent, at 2,073.6. 

As many as 25 stocks in the Dow Jones Industrial Average universe finished the day stronger, with Home Depot, Ceterpillar, Goldman Sachs, Amgen and Chevron rising between 1.8 per cent and 2.5 per cent.

Salesforce and IBM, closing 1.4 per cent and 1.2 per cent lower respectively, were the worst hit among the laggards.   

Dow Jones top gainers

Dow Jones losers

Fed official Mary Daly said that the inflation situation has made it more difficult to make policy projections until more clarity emerges on consumer prices. "Inflation is going to be a bumpy ride," Daly added.

On the same day, the BoE's rate-deciding panel voted 7:2 to keep the key interest rate at 5.25 per cent, the highest level recorded in 16 years, while suggesting that a reduction is imminent. Read more on BoE's decision to hold key rate​ 

The US share market has risen handsomely over the past few days amid optimism the Fed will introduce reductions in benchmark interest rates this year itself, with rate cut bets supported by a weaker-than-expected jobs market in the world's largest economy. 

Global markets

European shares managed gains for yet another day, with the pan-continental STOXX 600 gauge, the UK's FTSE 100 as well as Germany's DAX firming up 0.2 per cent, 0.3 per cent and one per cent respectively to scale record highs.

Earlier on Thursday, Asian stocks staged mixed moves, with Chinese benchmarks rising after the country reported better-than-expected monthly trade data.

Mumbai-market benchmarks Nifty50 and Sensex crashed about 1.5 per cent amid a sell-off across sectors barring auto stocks. Read more on the May 9 session

How Dow Jones, S&P 500, Nasdaq, Russell 2000 fare this week

At the end of trade on May 9, the Dow Jones Industrial Average is up 712.1 points, or 1.8 per cent, and the S&P 500 up 86.3 points, or 1.7 per cent, for the week. While the Nasdaq Composite is up 189.9 points, or 1.2 per cent, the Russell 2000 is up 37.9 points, or 1.9 per cent.

With inputs from agencies

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