NEW YORK (AP) — U.S. stocks rose to a record on Thursday as Wall Street made its final moves ahead of an update on the job market, one that could clear the way for the cuts to interest rates that investors love.
The S&P 500 added 0.8% to top the all-time high it set last week. The Dow Jones Industrial Average rose 350 points, or 0.8%, and the Nasdaq composite gained 1%.
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FILE - People pass the New York Stock Exchange on Nov. 5, 2024, in New York. (AP Photo/Peter Morgan, File)
FILE - The Fearless Girl statue stands in front of the New York Stock Exchange in New York's Financial District on Tuesday, Nov. 5, 2024. (AP Photo/Peter Morgan, File)
Currency traders work near a screen showing the Korea Composite Stock Price Index (KOSPI) and the foreign exchange rate between U.S. dollar and South Korean won, top right, at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Thursday, Sept. 4, 2025. (AP Photo/Ahn Young-joon)
Currency traders work near a screen showing the Korea Composite Stock Price Index (KOSPI) at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Thursday, Sept. 4, 2025. (AP Photo/Ahn Young-joon)
Currency traders work near a screen showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won, center, at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Thursday, Sept. 4, 2025. (AP Photo/Ahn Young-joon)
A currency trader passes by a screen showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Thursday, Sept. 4, 2025. (AP Photo/Ahn Young-joon)
Stocks got some lift from easing pressure from the bond market, where Treasury yields fell following the latest reports on the U.S. job market to come in worse than economists expected. One report suggested employers, not including the government, nearly halved their hiring in August from the prior month. Another said that more workers applied for unemployment benefits last week in an indication of rising layoffs.
Neither number is flashing a recession, and a third report on activity for businesses in the information and other services industries showed stronger-than-expected growth.
The upside for investors of a slowdown in the job market is that it could push the Federal Reserve to cut its main interest rate for the first time this year at its next meeting in a couple weeks. Such cuts can kickstart the economy and job market, though they can also accelerate inflation.
So far this year, the Fed has kept its main interest rate on hold because it’s been more worried about inflation potentially worsening because of President Donald Trump’s tariffs than about the job market.
“The year started with strong job growth, but that momentum has been whipsawed by uncertainty,” according to Nela Richardson, chief economist at ADP. She said several things could be behind the slowdown, including ”labor shortages, skittish consumers, and AI disruptions.”
A more comprehensive report on the job market’s health during August will arrive on Friday from the U.S. Labor Department, and it will likely carry much weight with the Fed. Ahead of it, the yield on the 10-year Treasury fell to 4.16% from 4.22% late Wednesday.
Last month’s grim jobs report, which included massive downward revisions for June and May, sent financial markets spiraling and prompted Trump to fire the head of the agency that compiles the monthly data.
On Wall Street, American Eagle Outfitters jumped 38% after the retailer reported more than double the profit that analysts had expected for its latest quarter. It benefited from a frenzy of media attention in late July over a provocative advertising campaign featuring actor Sydney Sweeney.
The ads — which featured the tagline “Sydney Sweeney has great jeans” — sparked a debate about race, Western beauty standards, and the backlash to “woke” American politics and culture.
Hewlett Packard Enterprise added 1.5% following its own better-than-expected profit report.
T. Rowe Price climbed 5.8% after announcing a deal where Goldman Sachs plans to buy up to $1 billion of its stock, or up to 3.5% of all its shares. They’re teaming up to offer access to some of the private markets where Goldman Sachs is an expert to the retirement savers and other investors that T. Rowe Price serves. Goldman Sachs added 2.5%.
On the losing side of Wall Street was Salesforce, which was the heaviest weight on the S&P 500 despite reporting a better profit than analysts expected. Analysts called the performance solid but suggested some of it may have come from one-time factors. Salesforce, which helps businesses manage their customers, slumped 4.9%.
C3.ai fell 7.3% after reporting a larger loss for the latest quarter than analysts expected. Chairman Thomas Siebel called the results “completely unacceptable,” while announcing a new chief executive for the company, Stephen Ehikian. He was most recently acting administrator of the U.S. General Services Administration.
Figma tumbled 19.9% even though the company, which offers a design and product development platform, reported results for the latest quarter that roughly matched analysts’ expectations. Figma's forecasts for upcoming revenue also came close to analysts’, but expectations may have been even higher given that its stock came into the day at more than double its $33 IPO price from July.
All told, the S&P 500 rose 53.82 points to 6,502.08. The Dow Jones Industrial Average climbed 350.06 to 45,621.29, and the Nasdaq composite rallied 209.97 to 21,707.69.
In stock markets abroad, indexes were mixed across Europe and Asia.
Indexes dropped 1.3% in Shanghai and 1.1% in Hong Kong but jumped 1.5% in Tokyo.
This story has been corrected to show that Goldman Sachs has agreed to buy up to $1 billion of T. Rowe Price stock in their agreement, not $3.5 billion.
AP Writers Teresa Cerojano and Matt Ott contributed
FILE - People pass the New York Stock Exchange on Nov. 5, 2024, in New York. (AP Photo/Peter Morgan, File)
FILE - The Fearless Girl statue stands in front of the New York Stock Exchange in New York's Financial District on Tuesday, Nov. 5, 2024. (AP Photo/Peter Morgan, File)
Currency traders work near a screen showing the Korea Composite Stock Price Index (KOSPI) and the foreign exchange rate between U.S. dollar and South Korean won, top right, at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Thursday, Sept. 4, 2025. (AP Photo/Ahn Young-joon)
Currency traders work near a screen showing the Korea Composite Stock Price Index (KOSPI) at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Thursday, Sept. 4, 2025. (AP Photo/Ahn Young-joon)
Currency traders work near a screen showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won, center, at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Thursday, Sept. 4, 2025. (AP Photo/Ahn Young-joon)
A currency trader passes by a screen showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Thursday, Sept. 4, 2025. (AP Photo/Ahn Young-joon)
WASHINGTON (AP) — Most American presidents aspire to the kind of greatness that prompts future generations to name important things in their honor.
Donald Trump isn't leaving it to future generations.
As the first year of his second term wraps up, his administration and allies have put the president’s name on the U.S. Institute of Peace, the Kennedy Center performing arts venue and a new class of battleships.
That’s on top of the “Trump Accounts” for tax-deferred investments, the TrumpRx government website soon to offer direct sales of prescription drugs, the “Trump Gold Card” visa that costs at least $1 million and the Trump Route for International Peace and Prosperity, a transit corridor included in a deal his administration brokered between Armenia and Azerbaijan.
On Friday, he plans to attend a ceremony in Florida where local officials will dedicate a 4-mile (6-kilometer) stretch of road from the airport to his Mar-a-Lago estate as President Donald J. Trump Boulevard.
It’s unprecedented for a sitting president to embrace tributes of that number and scale, especially those proffered by members of his administration. And while past sitting presidents have typically been honored by local officials naming schools and roads after them, it's exceedingly rare for airports, federal buildings, warships or other government assets to be named for someone still in power.
“At no previous time in history have we consistently named things after a president who was still in office,” said Jeffrey Engel, the David Gergen Director of the Center for Presidential History at Southern Methodist University in Dallas. “One might even extend that to say a president who is still alive. Those kind of memorializations are supposed to be just that — memorials to the passing hero.”
White House spokeswoman Liz Huston said the TrumpRx website linked to the president's deals to lower the price of some prescription drugs, along with “overdue upgrades of national landmarks, lasting peace deals, and wealth-creation accounts for children are historic initiatives that would not have been possible without President Trump’s bold leadership.”
"The Administration’s focus isn’t on smart branding, but delivering on President Trump’s goal of Making America Great Again," Huston said.
The White House pointed out that the nation's capital was named after President George Washington and the Hoover Dam was named after President Herbert Hoover while each was serving as president.
For Trump, it’s a continuation of the way he first etched his place onto the American consciousness, becoming famous as a real estate developer who affixed his name in big gold letters on luxury buildings and hotels, a casino and assorted products like neckties, wine and steaks.
As he ran for president in 2024, the candidate rolled out Trump-branded business ventures for watches, fragrances, Bibles and sneakers — including golden high tops priced at $799. After taking office again last year, Trump's businesses launched a Trump Mobile phone company, with plans to unveil a gold-colored smartphone and a cryptocurrency memecoin named $TRUMP.
That’s not to be confused with plans for a physical, government-issued Trump coin that U.S. Treasurer Brandon Beach said the U.S. Mint is planning.
Trump has also reportedly told the owners of Washington’s NFL team that he would like his name on the Commanders’ new stadium. The team’s ownership group, which has the naming rights, has not commented on the idea. But a White House spokeswoman in November called the proposed name “beautiful” and said Trump made the rebuilding of the stadium possible.
The addition of Trump’s name to the Kennedy Center in December so outraged independent Sen. Bernie Sanders of Vermont that he introduced legislation this week to ban the naming or renaming of any federal building or land after a sitting president — a ban that would retroactively apply to the Kennedy Center and Institute of Peace.
“I think he is a narcissist who likes to see his name up there. If he owns a hotel, that’s his business,” Sanders said in an interview. “But he doesn’t own federal buildings.”
Sanders likened Trump's penchant for putting his name on government buildings and more to the actions of authoritarian leaders throughout history.
“If the American people want to name buildings after a president who is deceased, that’s fine. That’s what we do,” Sanders said. “But to use federal buildings to enhance your own position very much sounds like the ‘Great Leader’ mentality of North Korea, and that is not something that I think the American people want.”
Although some of the naming has been suggested by others, the president has made clear he’s pleased with the tributes.
Three months after the announcement of the Trump Route for International Peace and Prosperity, a name the White House says was proposed by Armenian officials, the president gushed about it at a White House dinner.
“It’s such a beautiful thing, they named it after me. I really appreciate it. It’s actually a big deal,” he told a group of Central Asian leaders.
Engel, the presidential historian, said the practice can send a signal to people "that the easiest way to get access and favor from the president is to play to his ego and give him something or name something after him.”
Some of the proposals for honoring Trump include legislation in Congress from New York Republican Rep. Claudia Tenney that would designate June 14 as “Trump’s Birthday and Flag Day," placing the president with the likes of Martin Luther King Jr., George Washington and Jesus Christ, whose birthdays are recognized as national holidays.
Florida Republican Rep. Greg Steube has introduced legislation that calls for the Washington-area rapid transit system, known as the Metro, to be renamed the “Trump Train.” North Carolina Republican Rep. Addison McDowell has introduced legislation to rename Washington Dulles International Airport as Donald J. Trump International Airport.
McDowell said it makes sense to give Dulles a new name since Trump has already announced plans to revamp the airport, which currently is a tribute to former Secretary of State John Foster Dulles.
The congressman said he wanted to honor Trump because he feels the president has been a champion for combating the scourge of fentanyl, a personal issue for McDowell after his brother’s overdose death. But he also cited Trump’s efforts to strike peace deals all over the world and called him “one of the most consequential presidents ever.”
“I think that’s somebody that deserves to be honored, whether they’re still the president or whether they’re not," he said.
More efforts are underway in Florida, Trump’s adopted home.
Republican state lawmaker Meg Weinberger said she is working on an effort to rename Palm Beach International Airport as Donald J. Trump International Airport, a potential point of confusion with the Dulles effort.
The road that the president will see christened Friday is not the first Florida asphalt to herald Trump upon his return to the White House.
In the south Florida city of Hialeah, officials in December 2024 renamed a street there as President Donald J. Trump Avenue.
Trump, speaking at a Miami business conference the next month, called it a “great honor” and said he loved the mayor for it.
“Anybody that names a boulevard after me, I like,” he said.
He added a few moments later: “A lot of people come back from Hialeah, they say, ‘They just named a road after you.' I say, ‘That’s OK.’ It’s a beginning, right? It’s a start.”
FILE - A sign for the Rose Garden is seen near the Presidential Walk of Fame on the Colonnade at the White House, Jan. 13, 2026, in Washington. (AP Photo/Mark Schiefelbein, File)
FILE - President Donald Trump speaks with reporters as a flag pole is installed on the South Lawn of the White House, June 18, 2025, in Washington. (AP Photo/Evan Vucci, File)
FILE - Workers add President Donald Trump's name to the John F. Kennedy Memorial Center for the Performing Arts, after a Trump-appointed board voted to rename the institution, in Washington, Dec. 19, 2025. (AP Photo/J. Scott Applewhite, File)
FILE - A poster showing the Trump Gold Card is seen as President Donald Trump signs executive orders in the Oval Office of the White House, Sept. 19, 2025, in Washington. (AP Photo/Alex Brandon, file)
