U.S. stocks at record highs on Thursday, after the European Central Bank (ECB) moved to combat disinflation and investors looked to Friday’s employment report.
In U.S. economic news, Securities and Exchange (SEC) Commission Chair Mary Jo White announced for the first time that the organization would establish stricter rules for high-speed trading and dark pools.
In international economic news, the ECB decided to cut its key lending rate to 0.15 percent from 0.25 percent and the overnight deposit rate to 0.1 percent from zero, as policy makers attempt to fend off deflation in the region.
In corporate news, Joy Global rallied after the mining-equipment maker reported a better-than-expected quarterly profit. PVH fell after the company behind the Calvin Klein and Tommy Hifiger brands reduced its profit outlook. Shares of General Motors (GM) edged upward after the auto manufacturer said it would start a compensation program for victims as a result of faulty ignition switches linked to at least 13 deaths.
The dollar lost ground against the euro and the pound, but gained ground versus the yen. Light sweet crude oil for July delivery fell 16 cents to $102.48 a barrel on the New York Mercantile Exchange. Gold futures jumped $9.00 to $1,253.30 an ounce.
The Dow Jones industrial average rose 98.58, or 0.59 percent, to 16,836.11. The broader Standard & Poor’s 500 index climbed 12.58, or 0.65 percent, to 1,940.46. The technology-heavy Nasdaq composite index moved up 44.58, or 1.05 percent, to 4,296.23.