The S&P 500 closed at a record high for the 16th time this year, as major US equity indexes surged higher for a second consecutive day on Thursday. The Dow Jones Industrial Average added 130.3 points, the S&P 500 advanced 52.6 points, and the Nasdaq Composite jumped 241.83 points. This positive momentum comes ahead of the government’s monthly jobs report on Friday.
In the commodity markets, wheat spreads widened as Chicago soft wheat contracts declined, while Minneapolis and Kansas City wheat futures rallied. Soybeans hit a two-week high on strong weekly export data, and corn futures rose 2% in technical trading and short covering.
US crude oil prices were mixed, with the April West Texas Intermediate light, sweet crude future dropping slightly. The US dollar index closed lower for the fifth consecutive trading day after Federal Reserve chairman Jerome Powell hinted at possible interest rate cuts this year.
Meanwhile, US gold futures continued to climb higher, closing at $2,165.20 per ounce.
Overall, the positive performance of the equity markets and the commodity markets reflects optimism among investors and traders, despite some mixed signals in the energy and currency markets. The upcoming jobs report will provide further insight into the state of the US economy and could impact market movements in the coming days.