The U.S. stock market pushed to more records Thursday as profits keep piling up for companies like Dollar Tree, Snowflake and Hormel Foods. A tentative deal to extend the ceasefire in the war with Iran by 60 days also helped lift the market and rein in oil prices.
The S&P 500 added 0.6% to its all-time high set the day before after drifting between small gains and losses in the morning. The Dow Jones industrial average rose 24 points, or less than 0.1%, and the Nasdaq composite climbed 0.9% as both indexes also set records.
The price for a barrel of benchmark U.S. crude oil settled at $88.90 after regressing from an overnight high above $92.50.
Dollar Tree’s stock soared 17.9% after it became the latest to report fatter profit than analysts expected. Kohl’s rallied 20.6% after the retailer reported better results for the latest quarter than analysts had feared, while Richfield-based Best Buy climbed 15.8% following its own better-than-expected profit report. Austin, Minn.-based Hormel Foods climbed 12.5% after a strong performance for its Jennie-O ground turkey and exports of Spam luncheon meat.
Snowflake rose 36.5% after saying profit and revenue for the latest quarter exceeded expectations.
They helped offset a dip for Salesforce, which fell 0.8% even though it also reported a better profit for the latest quarter than analysts expected.
All told, the S&P 500 rose 43.27 points to 7,563.63. The Dow Jones Industrial Average added 24.69 to 50,668.97, and the Nasdaq composite climbed 242.74 to 26,917.47.
In the bond market, the yield on the 10-year Treasury fell to 4.45% from 4.48% late Wednesday.
— Associated Press


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