Wall Street: NoVi rast ineksa

The 30-stock Dow closed at a record high, ending the day up 158 points, or 0.43% at 37,248.35. On Wednesday, it marked its first-ever close above 37,000. The S&P 500 added 0.26% to end the day at 4,719.55, while the Nasdaq Composite gained 0.19% to 14,761.56.

The 10-year Treasury note yield dropped below 4% for the first time since August as traders mounted bets on rate cuts for 2034. The move lower in interest rates follows the Dow’s more than 1% jump on Wednesday to reach a record high above 37,000 after the Federal Open Market Committee indicated it may cut rates three times next year.

“The Fed delivered the dovish pivot that we expected heading into the December meeting,” Michael Gapen, chief U.S. economist at Bank of America, wrote on Wednesday. “While we did not expect the Fed to move to an outright easing bias, we did expect it to move to a more balanced reaction function and, in the event, we think it did just that.”

Solar stocks ticked higher as yields fell. The Invesco Solar ETF (TAN) climbed more than 8.1%, with constituents SunRun and Enphase gaining 20% and 12%, respectively. Shares of Moderna climbed 9.3% after trial data showed its experimental cancer vaccine reduced the risk of death or reoccurrence when used alongside Merck’s Keytruda.

The S&P could soon join the Dow in record territory, as the index is less than 1.6% away from reaching its all-time close set in January of 2022. The Nasdaq is about 8% away from its closing record and roughly 9% further to go to reach its intraday record.