Wall Street Closes At Record Highs After Reassurance From Powell: Magnificent 7 Hit $17 Trillion, Treasury Yields Erase Post-Election Spike

The U.S. stock market closed at record highs Thursday after the Federal Reserve's widely expected decision to lower interest rates and Fed Chair Jerome Powell's press conference where he reassured markets by dismissing concerns about his potential resignation or removal following the election of Donald Trump.

The S&P 500, as tracked by SPDR S&P 500 ETF Trust (NYSE:SPY), closed at 5,973 points, up 0.7% for the day.

Tech stocks outperformed the broader market, with the Nasdaq 100, tracked by the Invesco QQQ Trust (NASDAQ:QQQ), surging 1.5% higher to an all-time high of 21,100 points.

Notably, the combined market capitalization of the Magnificent Seven, Microsoft Corp. (NYSE:MSFT), Apple Inc. (NASDAQ:AAPL), NVIDIA Corp. (NASDAQ:NVDA), Alphabet Inc. (NASDAQ:GOOG) (NASDAQ:GOOGL), Amazon Inc. (NASDAQ:AMZN), Meta Platforms Inc. (NASDAQ:META) and Tesla, Inc. (NASDAQ:TSLA), soared to over $17 trillion, setting a new peak.

The Dow Jones stalled after Wednesday’s 3.6% rise, ...