How major US stock indexes fared Thursday, 3/7/2024

Stocks rose to another record, with easier interest rates beckoning on the horizon. The S&P 500 climbed 1% Thursday, beating the all-time high it set last week. The Dow added 0.3%, and the Nasdaq composite rose 1.5%. Treasury yields eased after Federal Reserve Chair Jerome Powell said it’s not far from delivering the cuts to interest rates that Wall Street craves. Powell reaffirmed the Fed’s position that cuts may start this year if inflation continues cooling. Traders are also trying to guess when the European Central Bank will cut rates after it left them alone Thursday.