STORY: Wall Street closed higher on Thursday, with the Dow, S&P 500 and Nasdaq all adding just under one percent.
The S&P and the Nasdaq are now within striking distance of all-time closing highs.
Meanwhile, the U.S. dollar dropped against major currencies and Treasury yields edged lower.
Rob Sluymer, technical strategist at RBC Wealth Management, said that particularly benefitted tech and financial services stocks, among others.
“And I think a weaker dollar is very helpful for the industrials, right? They're exporters, so their goods become cheaper for folks outside of the country to buy. And so there's an area, the industrial sector has been making new relative or new price highs over the last number of weeks as well. And so we have quite a few areas of the market leading. I think this decline in the dollar is helping. I think the decline in interest rates is helping.”
Among individual movers, shares of Micron Technology dropped one percent despite the company forecasting better-than-expected fourth quarter revenue.
Miners Freeport-McMoRan and Southern Copper jumped by nearly seven and eight percent, respectively, thanks to copper prices touching a three-month high.
And shares of Nike gained more than five percent in extended trading after the company reported a smaller-than-expected drop in quarterly revenue and beat profit estimates.
