The S&P 500 Index ($SPX) (SPY) Thursday closed up +1.04%, the Dow Jones Industrials Index ($DOWI) (DIA) closed up +0.77%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up +1.43%. March E-mini S&P futures (ESH25) rose by +0.99%, and March E-mini Nasdaq futures (NQH25) rose by +1.28%.
Stock indexes rallied on Thursday, with the S&P 500 posting a 1-1/2 week high and the Nasdaq 100 posting an 8-week high. Stocks found support after bond yields fell after Thursday’s Jan PPI report bode well for the upcoming PCE price index report. Stocks and bonds rallied Thursday as several components of the PPI report that feed into the Fed’s preferred inflation measure, the personal consumption expenditures price index (PCE), were more favorable in January as healthcare items and airfares declined. The decline in bond yields also sparked a rally in chip stocks to boost the overall market.
