US stocks hit record high for fourth consecutive day

U.S. stocks rose to record highs for the fourth consecutive session as traders continued to weigh the prospect of interest rate cuts in a busy week of economic headwinds.

The S&P 500 closed 0.2 percent higher on Thursday, even though 60 percent of stocks in the benchmark index fell for the day. The technology-focused Nasdaq Composite rose 0.4 percent as four of the Magnificent Seven stocks gained.

The S&P 500 last had a four-day winning streak earlier this month, but for the Nadsaq it was the first such streak since late March.

The steady price gains in US stocks pushed the Wall Street index Vix – the so-called “fear barometer” – to its lowest level in three weeks.

Small cap stocks performed even worse; the Russell 2000 lost 0.9 percent.

US Treasury bond prices rose, pushing down yields. The yield on the two-year bond fell 0.05 percentage points to 4.70 percent, while the yield on the ten-year bond fell 0.05 percentage points to 4.25 percent.