US Stock Market Soars with Cisco and Other Non-AI Stocks Surging
US Stock Market on Thursday: Not just Cisco, these two non-AI stocks have jumped over 10 per cent
The Economic Times
Image: The Economic Times
On Thursday, the U.S. stock market reached new heights led by Cisco's impressive 14.6% jump, contributing to the S&P 500's record high. StubHub Holdings and Viking Holdings also saw significant increases of 19.3% and 10%, respectively, indicating strong consumer spending despite economic concerns.
- 01Cisco stock surged 14.6%, marking its best day in nearly 15 years.
- 02The S&P 500 reached an all-time high, adding 0.5% to its previous record.
- 03StubHub Holdings and Viking Holdings saw increases of 19.3% and 10%, respectively.
- 04Strong profit reports from these companies suggest consumer willingness to spend.
- 05Treasury yields remained steady despite fluctuations in the bond market.
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On Thursday, the U.S. stock market experienced significant gains, with Cisco Systems leading the charge by surging 14.6%, its best performance in nearly 15 years. This boost contributed to the S&P 500's rise of 0.5%, setting a new all-time high. The Dow Jones Industrial Average also climbed 254 points, nearing the 50,000 mark for the first time since the Iran war began. Besides Cisco, StubHub Holdings and Viking Holdings reported better-than-expected profits, with their stocks rising 19.3% and 10%, respectively. These gains indicate a potential resilience in consumer spending, even as surveys show U.S. consumers feeling discouraged about the economy. In the bond market, the yield on the 10-year Treasury edged down to 4.45%. Meanwhile, international markets saw mixed results, with European indexes rising, while Japan's Nikkei 225 fell by 1%.
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The strong performance of these stocks suggests that consumers are still willing to spend on non-essential items, which could indicate a more resilient economy than surveys suggest.
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