U.S. stock markets hit new records on Thursday, buoyed by better-than-expected earnings and positive sentiment following cryptocurrency regulation.
Record Highs in the Stock Market
The S&P 500 closed at 6,297.36, up 0.54%, marking its ninth all-time closing high of 2025. The Nasdaq Composite ended at 20,885.65, up 0.75%, achieving its tenth record for the year. The Dow Jones added 229.71 points, or 0.52%, closing at 44,484.49, with all three major indexes reaching new intraday highs.
Impact of the GENIUS Act on Crypto Stocks
The signing of the GENIUS Act at the White House ignited a surge in crypto stocks like Coinbase and Robinhood. The bill is considered the first comprehensive cryptocurrency regulation ever passed in the United States, and economist Noelle Acheson described it as "the biggest deal in crypto so far this year." She noted that its legal status provides it with robust protection against future changes.
Economic Indicators Supporting the Market
Moreover, economic reports on jobless claims and retail sales provided additional rationale for a risk-on sentiment among traders. Initial jobless claims fell by 7,000, landing at 221,000, suggesting stability in the job market. Retail sales in June rose by 0.6%, exceeding projections and reflecting ongoing consumer spending, which could positively impact corporate earnings.
In conclusion, the robust financial performances from major companies and regulatory changes in the cryptocurrency market have supported the stock markets, reinforcing investor interest.
