Stocks Hit Record Highs as Techs Rally; Victoria's Secret Sinks on Weak Guidance
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US stocks rose on Thursday, led by techs and communication services, with the Nasdaq gaining 1.4% and S&P 500 adding 1% to touch new record highs. Stocks stayed upbeat during Fed Chair Powell's testimony.
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Victoria's Secret shares plunged over 25% after the company's sales guidance fell short of expectations. The retailer is forecasting a low-single digit drop in net sales this year.
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Gold extended its rally, hitting near record highs above $2,160 as Powell reiterated intentions to cut rates this year if inflation cools as expected.
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Housing inventory picked up steam, but rising mortgage rates could keep home buyers on the sidelines this spring selling season.
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Nvidia stock surged over 2%, surpassing the $900 level to touch new all-time highs. The semiconductor giant is up 88% year-to-date, making it the top performer among "Magnificent 7" mega-cap tech stocks.