The three major US stock benchmarks raced higher on Thursday and touched their respective record highs for the first time since 1999, supported by the near 5% surge in oil prices and strong earnings from Macy’s and Kohl’s department stores.
The S&P 500 gained 10.3 points, or 0.47%, to close at 2 185.79, getting a big boost from the energy sector .SNPY as the best performing S&P group with 1.3% climb.
The Dow Jones industrial average added 117.86 points, or 0.64% to finish at 18613.52 while NASDAQ composite ended 5228.40 by gaining 23.81 points, or 0.46%.
Macy’s shares hit best record in nearly eight years as it soared 17.09% while Kohl’s shares rose 16.17%.
The last time these three major US indices rose simultaneously was Dec31. 1999.
Wheat prices recovered slowly from a near two-week low while Euronext wheat futures made a slight leap on Thursday amid disrupting rainy summer weather in west Europe.
The Front-month September milling wheat gained 1.25 euros, or 0.8% to close at 168.00 euros per ton while the more active December contract added 1.75 euros higher to end at 171.50 euros a ton.
Euronext wheat futures closed at total volume of 26 499.
Rain this summer has affected the productions and has kept thousands of harvesters across France, Germany and Poland idle. Crops are estimated to fall back at 28-30 million tons, down from a record high of almost 41 million tons in 2015.
Meanwhile, traders await key report from the US Department of Agriculture on Friday that could harvest big surprises for commodities and will help move financial markets.