US stocks open higher for sixth consecutive session, S&P and Nasdaq hit fresh record highs

Haresh Menghani FXStreet

Major US equity indices built on previous session's strong gains and opened higher for the sixth consecutive session on Thursday, with the S&P 500 and Nasdaq hitting fresh all-time intraday highs.

At the time of writing, the Dow Jones Industrial Average added 50-points to 21,062, while the broader S&P 500 Index climbed nearly 4-points to 2,409. Meanwhile, tech-heavy Nasdaq Composite Index gained in excess of 15-points and rose to 6,180.

The move came after the Federal Reserve's latest monetary policy meeting minutes revealed that policymakers expected the economy to pick up momentum and had a general consensus to continue with the path of gradual increases in the federal funds rates.

In other developments, OPEC members agreed to a nine-month extension of the current production cut agreement. The decision was widely expected but oil prices fell after the news on possible disappointment for market players expecting deeper cuts.

On the economic data front, the US labor market continues to show strength, with the latest weekly jobless claims rising less than-expected for the week ended May 19 and the four-week moving average falling to a 44-year low.

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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