Markets Right Now: S&P 500 index closes at a record high

NEW YORK — The latest on developments in financial markets (all times local):

4 p.m.

The S&P 500 is closing at a record high and has erased all of a steep pullback it suffered in May.

The rally Thursday came as investors balanced optimism over the possibility that the Federal Reserve could cut interest rates in response to a slowing economy and jitters about the prospects of dimmer corporate profits should a severe slowdown take hold.

Those worries continued to fuel demand for bonds. The yield on the 10-year Treasury note fell to 2%, the lowest since November 2016.

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The price of oil rose 5.4% as tensions between the U.S. and Iran escalated.

The S&P 500 rose 27 points, or 0.9 per cent, to 2,954.

The Dow Jones Industrial Average added 249 points, or 0.9%, to 26,753. The Nasdaq rose 64 points, or 0.8%, to 8,051.

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11:45 a.m.

An early surge on the stock market put the S&P 500 index within range of another record high.

Technology stocks were the biggest gainers in a sign that investors are in a bullish mood and hungry for riskier holdings. Oracle rose 8.3% after it reported solid financial results.

Energy stocks made big gains on a surge in oil prices.

The gains came a day after the Federal Reserve said it was ready to cut interest rates if needed to protect the U.S. economy.

The S&P 500 rose 19 points, or 0.6 per cent, to 2,945.

The Dow Jones Industrial Average added 178 points, or 0.7%, to 26,681. The Nasdaq rose 51 points, or 0.6%, to 8,037.

Bond prices rose. The yield on the 10-year Treasury note fell to 1.99%.

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9:35 a.m.

Stocks are opening broadly higher on Wall Street, erasing the market’s losses from May and setting the S&P 500 on course to reach another record high.

Technology, health care and industrial companies led the way higher in early trading on Thursday. Every sector rose.

The gains came a day after the Federal Reserve said it was ready to cut interest rates if needed to protect the U.S. economy.

The S&P 500 index rose 25 points, or 0.9 per cent, to 2,952. That’s about seven points above its record high close on April 30.

The Dow Jones Industrial Average added 212 points, or 0.8%, to 26,718. The Nasdaq rose 82 points, or 1%, to 8,070.

Bond prices rose. The yield on the 10-year Treasury note fell to 2%.

The Associated Press