NEW YORK — U.S. stocks closed higher and trimmed their losses for the week. The S&P 500 climbed 0.9% Thursday, a day after swinging sharply when the Federal Reserve said it’s likely delaying cuts to interest rates. The Dow Jones Industrial Average also rose 0.9%, and the Nasdaq composite added 1.5%. Qualcomm, Carvana and other companies helped lead the market after reporting stronger results for the latest quarter than expected.
“The markets will be hungry for any data suggesting the economy isn’t heating up any more than it did in” the first three months of 2024, according to Chris Larkin, managing director, trading and investing, at E-Trade from Morgan Stanley. That would give the Fed more leeway to consider cutting rates.
Apple climbed 2.9% ahead of its profit report, scheduled to arrive after trading ends Thursday. It’s the latest to report among the group of stocks known as the “Magnificent Seven,” which drove the majority of the market’s gains last year. Linde was one of the heaviest weights on the S&P 500, sinking 4.9%, despite reporting stronger results for the latest quarter than expected. Revenue for the industrial gases and engineering company fell short of Wall Street’s expectations, as did the midpoint of its forecasted range for earnings in the current quarter.
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