Stocks Hit Record Highs While Victoria's Secret Sinks on Weak Guidance
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US stocks rose on Thursday, with the S&P 500 hitting a new record high and the Nasdaq gaining over 1%. This comes amid Fed Chair Powell's testimony and ahead of Friday's jobs report.
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Victoria's Secret shares plunged nearly 30% as its sales guidance fell short of expectations. The company is forecasting a sales decline this year.
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Gold extended its rally, hitting over $2,160 per ounce, as the prospect of a Fed rate cut further fueled the record price surge.
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New York Community Bank lost 7% of its deposits, or $7.8 billion, over the past month, highlighting challenges facing the bank despite a new investment from Steven Mnuchin's group.
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Nvidia stock touched new all-time highs, surpassing $900 per share. The semiconductor stock is up 88% year-to-date, making it the top performer among the "Magnificent Seven."