S&P 500 and Nasdaq Hit Record Highs as Dow Reclaims 50,000 Mark
U.S. stock markets reached all-time highs on May 14 as the Dow Jones Industrial Average reclaimed the 50,000 level, driven by strong tech earnings and optimism around the Trump-Xi summit. Cisco shares surged 13% after beating expectations and announcing job cuts focused on AI growth.
Market Reaches New Peaks
Record Closes: Stocks were higher on Thursday, with the Dow Jones Industrial Average retaking 50,000 after strong earnings from Cisco Systems and following a key meeting between U.S. and China. The 30-stock index popped 370.26 points, or 0.75%, to end at 50,063.46. The S&P 500 climbed 0.77% and closed at 7,501.24, while the Nasdaq Composite gained 0.88% to 26,635.22. Those two indexes scored fresh all-time intraday highs and record closes.
Cisco's Strong Performance: Shares of Cisco surged 13% after the software giant posted third-quarter results and guidance that beat Wall Street's expectations and announced it would be cutting almost 4,000 jobs.
Economic Data: Retail sales rose as expected in April while initial unemployment claims were a bit higher than forecast. The Commerce Department reported that sales rose 0.5% for the month, matching the Dow Jones estimate.
Inflation Concerns: There was more bad inflation news Thursday, as import and export prices hit multi-year highs.