US stocks rise to the brink of a record and recover nearly all their 20% springtime drop

NEW YORK (AP) — The U.S. stock market ran up to the edge of another record on Thursday.

The S&P 500 climbed 0.8% and is sitting just 0.05% below its all-time closing high, which was set in February. It briefly topped the mark during the afternoon in the latest milestone for the index at the heart of many 401(k) accounts, which had dropped roughly 20% below its record during the spring on worries about President Donald Trump’s tariffs.

The Dow Jones Industrial Average rallied 404 points, or 0.9%, and the Nasdaq composite gained 1%.

McCormick, the seller of cooking spices, helped lead the way and jumped 5.3% after delivering a better-than-expected profit report. The company also gave a forecast for profit over its full fiscal year that topped analysts’ expectations, including planned efforts to offset increased costs caused by tariffs.

Over the longer term, it’s been big technology stocks that have led the market for years and since the S&P 500 hit a bottom in April.

Chip company Nvidia, which has been the poster child of the frenzy around artificial-intelligence technology, added 0.5%. It’s the most valuable company in the U.S. stock market after rushing 61% higher since April 8, towering over the S&P 500’s gain of 23%. Another AI darling, Super Micro Computer, rose 5.7% to bring its gain since April 8 to 55%.

Micron Technology, which sells computer memory and data storage, swung between gains and losses after reporting stronger profit and revenue for the latest quarter than analysts expected. CEO Sanjay Mehrotra said it’s seeing growing AI-driven memory demand, and the company gave a forecast for profit in the current quarter that topped analysts’ expectations. Its stock ended the day down 1%.

All told, the S&P 500 rose 48.86 points to 6,141.02. The Dow Jones Industrial Average rose 404.41 to 43,386.84, and the Nasdaq composite gained 194.36 to 20,167.91.

Wall Street’s worries about Trump’s tariffs have receded since the president shocked the world in April with stiff proposed levies, but they have not disappeared. The wait is still on to see how big the tariffs will ultimately be, how much they will hurt the economy and how much they will push up inflation.

The economy so far seems to be holding up OK, though slowing, and more reports arrived on Thursday bolstering that. One said that orders for washing machines and other manufactured goods that last at least three years grew by more last month than economists expected. A second said fewer U.S. workers filed for unemployment benefits last week, a potential signal of fewer layoffs.

A third report said the U.S. economy shrank by more during the first three months of 2025 than earlier estimated. But many economists say those numbers got distorted by a surge of purchases of foreign products by U.S. companies hoping to get ahead of tariffs. They’re expecting a better performance in upcoming months.

Following the reports, Treasury yields swiveled up and down in the bond market before easing.

The yield on the 10-year Treasury fell to 4.24% from 4.29% late Wednesday. The two-year Treasury yield, which more closely tracks expectations for what the Federal Reserve will do, fell to 3.71% from 3.74% late Wednesday.

Analysts said yields may have felt pressure because of a report from The Wall Street Journal saying Trump could name his nominee to replace Fed Chair Jerome Powell unusually early, in an attempt to undermine him. That could hurt confidence among investors about the Fed’s capability to make unpopular decisions when it comes to fighting inflation.

Powell has been repeating recently that the Federal Reserve is waiting to see how Trump’s tariffs will affect the economy before deciding when to resume cutting interest rates. It has been on pause this year because lower rates can give inflation more fuel, along with providing the economy a boost.

Trump, though, has been adamant about wanting cuts to rates sooner and has insulted Powell repeatedly. Two of his appointees to the Fed have also said recently that they would consider cutting rates as soon as the Fed’s next meeting in July.

“Yields fell, the dollar weakened, and break evens rose, all suggesting that a puppet of the White House in the seat of the Chair could be bad for inflation,” said Brian Jacobsen, chief economist at Annex Wealth Management. But Jacobsen said decisions on interest rates would still rest with a committee of Fed officials, not just the chair, and other officials could possibly keep the new leader “in check if needed.”

In stock markets abroad, indexes were mixed in Europe following a mixed finish in Asia.

Japan’s Nikkei 225 rose 1.6%, and South Korea’s Kospi fell 0.9% for two of the bigger moves.

AP Business Writer Elaine Kurtenbach contributed.

A Wall Street sign hangs near to the New York Stock Exchange, Wednesday, June 18, 2025, in New York. (AP Photo/Yuki Iwamura)

A dealer walks past near the screens showing the Korea Composite Stock Price Index (KOSPI), left, the foreign exchange rate between U.S. dollar and South Korean won and the Korean Securities Dealers Automated Quotations (KOSDAQ) at a dealing room of Hana Bank in Seoul, South Korea, Thursday, June 26, 2025. (AP Photo/Lee Jin-man)

A dealer talks near the screens showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at a dealing room of Hana Bank in Seoul, South Korea, Thursday, June 26, 2025. (AP Photo/Lee Jin-man)

A dealer moves near the screens showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at a dealing room of Hana Bank in Seoul, South Korea, Thursday, June 26, 2025. (AP Photo/Lee Jin-man)

A dealer watches computer monitors at a dealing room of Hana Bank in Seoul, South Korea, Thursday, June 26, 2025. (AP Photo/Lee Jin-man)

Dallas (7-8-1) at N.Y. Giants (3-13)

Sunday, 1 p.m. EST, Fox

BetMGM NFL Odds: Cowboys by 3 1/2

Against the spread: Cowboys 7-9; Giants 7-8-1

Series record: Dallas leads 78-47-2.

Last week: Cowboys beat Commanders 30-23; Giants beat Raiders 34-10.

Last meeting: Dallas beat Washington 40-37 in OT on Sept. 14.

Cowboys offense: overall (1), rush (9), pass (1), scoring (4)

Cowboys defense: overall (30), rush (t20), pass (32), scoring (32)

Giants offense: overall (15), rush (6), pass (21), scoring (21)

Giants defense: overall (29), rush (30), pass (20), scoring (26)

Turnover differential: Cowboys minus-8; Giants minus-3

QB Dak Prescott has a 14-game winning streak against the Giants since two of his losses in a 13-3 rookie season in 2016 came against them. It’s the second-longest winning streak against a single opponent in NFL history behind Bob Griese, who beat Buffalo 17 consecutive times from 1968-79. Prescott will get credit for a Dallas victory because he is expected to start. The question is how long he will play in a finale with no playoff implications. Either way, this will go down as one of Prescott’s best seasons. He enters the final week first in the NFL with 4,482 yards passing.

WR Wan'Dale Robinson gets to put the finishing touches on his case for a new contract, either with the team that drafted him or elsewhere. Robinson last week became the first player 5-foot-8 or shorter to eclipse 1,000 yards receiving since 5-7 Richard Johnson in 1989 and just the third since the 1970 AFL-NFL merger. And he's playing against a Dallas secondary without Trevon Diggs, who was released on Tuesday.

Cowboys' offensive line vs. Giants' pass rush. New York's Brian Burns trails only Cleveland record-chasing Myles Garrett in sacks with a career-high 16 1/2, while rookie Abdul Carter has heated up with 3 1/2 over the past four games. Dallas would like to keep Prescott upright, no matter how long he plays.

Cowboys: RBs Javonte Williams (stinger) and Malik Davis (calf/eye) have been ruled out. The backs with a chance to be active have 54 career carries among them: FB Hunter Luepke (32) and rookies Jaydon Blue (22) and Phil Mafah (0). Mafah has been out all season with a shoulder injury, and is listed as questionable ... LB DeMarvion Overshown and rookie CB Shavon Revel have been dealing with concussions and won't play.

Giants: Two starters in the secondary are out: CB Cor'Dale Flott (knee) and S Jevon Holland (knee/concussion).

The Cowboys have won nine in a row against the Giants and 16 of the past 17. It's the longest active series in the league. Dallas' last winning streak this long was against Carolina from 1998-2012. ... Each team has been eliminated from playoff contention. ... The Cowboys are trying to avoid consecutive losing seasons for the first time since going 5-11 under coach Dave Campo from 2000-02. ... New York can still secure the top draft pick with a loss and Las Vegas victory against Kansas City or could drop as low as No. 7. ... This is expected to be interim coach Mike Kafka's final game with the Giants.

Cowboys WR George Pickens needs 80 yards receiving to reach 1,500 in his Dallas debut after the offseason trade from Pittsburgh. His only 1,000-yard season in three years with the Steelers came in 2023, when he had 1,140. … Ferguson needs one touchdown catch to tie the franchise tight end record of nine, held by Jason Witten and Billy Joe Dupree. … In their Week 2 game, K Brandon Aubrey had a tying 64-yard field goal on the final play of regulation and a winning 46-yarder as time expired in overtime in the 40-37 Dallas victory. ... Giants rookie QB Jaxson Dart has accounted for 22 TDs (13 passing and nine rushing) with just five interceptions, in his first 11 professional starts. ... Robinson led the team with 113 yards receiving at Las Vegas. He had 142 in Week 2 at Dallas, which was before top receiver Malik Nabers was knocked out for the season with a torn ACL in his right knee. ... LB Bobby Okereke intercepted Geno Smith and had seven tackles last week. ... CB Deonte Banks returned a kickoff 95 yards for a TD against the Raiders.

Daily fantasy players might be able to cash in if Giants RB Tyrone Tracy has another big game rushing and receiving.

AP NFL: https://apnews.com/hub/NFL

FILE - Dallas Cowboys quarterback Dak Prescott (4) is sacked by Kayvon Thibodeaux (5) during a NFL football game against the New York Giants on Sept. 14, 2025, in Arlington, Texas. (AP Photo/Matt Patterson, File)

FILE - Dallas Cowboys wide receiver George Pickens (3) carries the ball after reception during a NFL football game against the New York Giants on Sept. 14, 2025, in Arlington, Texas. (AP Photo/Matt Patterson, File)