US stocks pushed to more records on Thursday as companies like Dollar Tree, Snowflake and Hormel Foods kept piling up profits. 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 on Thursday.
- The S&P 500 rose 43.27 points, or 0.6%, to 7,563.63 after drifting between small gains and losses in the morning.
- The Dow Jones Industrial Average rose 24.69 points, or less than 0.1%, to 50,668.97.
- The Nasdaq composite rose 242.74 points, or 0.9%, to 26,917.47.
All three indexes added to their own records from a day earlier, the
AP reports. Treasury yields eased in the bond market after oil prices gave up much of their gains and reduced the upward pressure on inflation.
Stocks turned higher after oil prices gave back most of their own morning gains following reports of the tentative US-Iran agreement, which still needs President Trump's approval. The price for a barrel of benchmark US crude oil fell back to $88.78 from an overnight high above $92.50. Oil prices have been swinging as hopes rise and fall that the US and Iran may reach a deal to reopen the Strait of Hormuz and get crude flowing again from the Persian Gulf to customers worldwide. They have climbed enough for a report on Thursday to show that a measure of US inflation accelerated last month to its worst level in three years, roughly matching economists' expectations.
On Wall Street, Dollar Tree's stock soared 17.9% after it became the latest to report fatter profits than analysts expected. CEO Mike Creedon said improved store conditions helped the retailer make more profit off each $1 in sales during the latest quarter despite tariffs adding to its costs. The company also gave a forecast for profit over the full year that topped analysts' expectations. Kohl's rallied 20.5% after the retailer reported better results for the latest quarter than analysts had feared, while Best Buy climbed 15.8% following its own better-than-expected profit report.
Hormel Foods climbed 12.5% after a strong performance for its Jennie-O ground turkey and exports of its Spam luncheon meat helped it report a better profit than analysts expected. Snowflake rose 36.5% after saying artificial intelligence continues to be a strong driver of its business, and 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. Its stock has been under pressure because of worries that AI-powered rivals could steal away its business, even as Salesforce touts its own AI offerings.
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