Stock markets rise to new records thanks to the one-two punch of airlines and Big Tech
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Despite looming tariffs, "the market has demonstrated a remarkable ability to hear what it wants to hear, see what it wants to see," AllianceBernstein's chief U.S. economist said.
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investment
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July 10, 2025
08:11 PM
Fortune
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Finance·Stock rise to new records thanks to the one-two punch of airlines and Big BY Irina IvanovaBY Irina IvanovaDeputy US News EditorIrina IvanovaDeputy US News EditorIrina Ivanova is the deputy U
News editor at Fortune
SEE FULL BIO A trader works on the New York Stock Exchange, where stock continue to march higher
Spencer Platt/Getty ImagesThe S&P 500 and Nasdaq set a new record on Thursday as airlines and led equities higher
After a shaky start to the week, stocks pushed deeper into record territory Thursday with the airline sector and Big continuing to lead the higher
The S&P 500 gained 0. 27% Thursday to close at a new record; the -heavy Nasdaq closed 0. 09% higher and the Dow rose 0
Delta Air Lines, which had pulled fit guidance earlier this year on economic instability, beat analysts’ fit expectations and released a solid outlook for the rest of the year
The stock surged 13% and pulled the rest of the airline sector with it
WK Kellogg, the maker of Froot Loops and other breakfast cereals, rose 30% after Nutella maker Ferrero announced a deal to buy the company
Chipmaker Nvidia gained 0. 72% a day after the investor favorite reached a $4 trillion market valuation
Most of the sectors in the S&P 500 were up, with banks and consumer-focused companies accounting for much of the gains
JPMorgan rose 1. 4% and McDonald’s was 2. 5% higher, the AP reported
No trade deals, no blem Wednesday had marked the deadline for the U
To finish trade deals with 90 trading partners or risk the reinstatement of punitive tariffs
However, with only two deals inked since Liberation Day—one with Vietnam and one with the United Kingdom—President Donald Trump had pushed the deadline back to Aug
On Tuesday, Trump announced he would send letters to 14 countries spelling out the U. ’ tariff position, a method he said was “a more powerful way” than individual negotiations
The news sent momentary jitters through equity, but stocks had shrugged off all uncertainty by midweek to march higher still. “The market has demonstrated a remarkable ability to hear what it wants to hear, see what it wants to see, and nothing is going to change its mind,” Eric Winograd, chief U
Economist at AllianceBernstein, told Fortune last week
In economic news, the Labor Department reported Thursday that initial applications for jobless claims fell last week—another sign of good news after a surprisingly strong month for job creation in June
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