Dow Logs 7th Straight As Wall Street Rally Gains Steam

Wall Street left pessimism in the dust today after jobless claims boosted hopes of an interest rate cut before the year's end. Elsewhere, strong demand at a bond auction pushed Treasury yields lower, with the 10-year note shedding more than two basis points to breach 4.5%.

In response, the Dow added 331 points for its seventh-straight win and best single-session gain since March 27. The S&P 500 and Nasdaq were also confidently higher, while the Cboe Volatility Index (VIX) closed at its lowest level since early February. 

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Oil prices logged another win, posting back-to-back gains despite weakness in domestic gasoline demand. At last check, June-dated West Texas Intermediate (WTI) crude was up 27 cents, or 0.6%, at $79.26 a barrel.

Gold prices fell after today's economic data. June-dated gold futures added $27.60 to trade at $2,349.60 per ounce, at last check.  

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