US stocks climb as Fed-driven rally pushes the Dow to fresh record high

• US stocks closed higher Thursday on strong retail sales data and continued Fed-driven bullishness.

• Retail sales climbed 0.3% in November, above expectations for a negative reading.

• The Dow touched a new record for a second day in a row following Wednesday's Fed meeting.

US stocks ended higher on Thursday, with momentum continuing after Wednesday's strong rally that followed the conclusion Federal Reserve meeting.

Policymakers signaled three rate cuts could be on the table in 2024. The outlook sparked a sharp jump higher for stocks Wednesday, with the Dow Jones Industrial Average extending the momentum into Thursday's session to hit a new closing high for the second day in a row.

Meanwhile, markets digested fresh retail sales data from the Commerce Department, which showed an unexpected 0.3% jump in November, above the estimates for a 0.1% decline.

"The big jump in retail sales shows that the death of the consumer – as well as the economy – has been greatly exaggerated and the much-hyped recession of 2023 isn't going to materialize," Chris Zaccarelli, chief investment officer for Independent Advisor Alliance, said in a note Thursday.

Here's where US indexes stood as the market closed at 4:00 p.m. on Thursday: 

• S&P 500: 4,719.55, up 0.26%

• Dow Jones Industrial Average: 37,248.35, up 0.43% (+158.11 points)

• Nasdaq Composite: 14,761.56, up 0.19%

Here's what else is going on: 

• Billionaire bond king Jeff Gundlach said his "fire alarm" is going off in the economy as Treasury yields break below a key level.

• JPMorgan said ethereum wll outperform bitcoin in 2024.

• An investment advisor said US stocks will be the best investment over the next five years, with potential upside of 100%.

• A shipping giant said fuel tankers can take detours around the Red Sea as attacks rise, potentially disrupting energy flows.

• Apple touched a record high as slowing inflation powers Big Tech stocks to more gains.

• Warren Buffett bought roughly $600 million of Occidental stock over the course of three days.

• Record-breaking US crude production has left OPEC with its lowest crude market share in nearly a decade.

In commodities, bonds, and crypto: 

• Oil prices jumped, with West Texas Intermediate up 3% to $71.67 a barrel. Brent crude, the international benchmark, moved higher 3.25% to $76.66 a barrel.

• Gold edged higher 2.7% to $2,050.90 per ounce.

• The 10-year Treasury yield moved lower one basis point to 3.91%.

• Bitcoin inched up 0.54% to $43,010.

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