Finance: STOCKS HIT ALL-TIME HIGHS, OIL TUMBLES: Here's what you need to know
The Nasdaq Composite and the S&P 500 indexes hit their all-time closing records on Thursday.
The Nasdaq Composite and the S&P 500 indexes hit their all-time closing records on Thursday after another day of solid gains. The Dow Jones industrial average remained above 21,000, but still shy of its record.
Crude oil, on the other hand, tumbled after the conclusion of the meeting agreed to extend production cuts for nine months.
We've got all the headlines, but first, the scoreboard:
- Dow: 21,082.64 +70.22, (+0.33%)
- S&P 500: 2,415.16, +10.34, (+0.43%)
- Nasdaq: 6,203.44, +40.49, (+0.69%)
- US 10-year yield: 2.255%, -0.011
- WTI crude oil: $48.86, -2.68, -5.22%
- OPEC agreed to extend crude oil production cuts for nine more months, but crude oil still dived. WTI dived by more than 5% in trading on Thursday after the oil cartel wrapped its meeting with an agreement to extend, but not deepen cuts.
- Bitcoin surged to an all-time high before diving. The cryptocurrency nearly cracked $2,800 a coin before falling back down to just over $2,400 a coin. Bitcoin is still up roughly 140% for the year.
- Amazon toyed with the $1,000 per share mark. The tech giant traded as high as $998 per share before settling around $994. The stock is up 41% over the past year and 50,000% over the last 20 years.
- Initial jobless claims rose slightly. Claims, which count the number of people who applied for unemployment insurance for the first time, rose by 1,000 to 234,000 from last week's upwardly revised 233,000. this was still lower than economists' forecast of 238,000.
- Best Buy beat on earnings. Comparable sales for the retailer climbed 1.6%, exceeding consensus forecasts of a 1.5% contraction. The firm reported first-quarter profit of $0.60 per share, above the average estimate of $0.40 per share and beating even the most optimistic forecast.
- Sears turned a quarterly profit for the first time in almost 2 years. The struggling department store chain reported the gain due to the sale of its Craftsman tools unit. Without the sale, the firm would have reported a loss.