U.S. stocks ended mixed on Thursday as investors balanced a significant rally in defense shares against looming regulatory decisions.
The Dow Jones Industrial Average rose 270.03 points, or 0.55 percent, to 49,266.11. The S and P 500 added 0.53 points, or 0.01 percent, to 6,921.46. The Nasdaq Composite Index shed 104.26 points, or 0.44 percent, to 23,480.02.
Nine of the 11 primary S and P 500 sectors ended in green, with energy and consumer staples leading the gainers by rising 3.2 percent and 2.26 percent, respectively. Technology and health led the laggards by losing 1.54 percent and 0.91 percent, respectively.
The defense sector saw a sharp recovery following U.S. President Donald Trump's Wednesday proposal of a 1.5 trillion U.S. dollar military budget for fiscal year 2027. The announcement spurred a rebound in major contractors, with Lockheed Martin and General Dynamics reclaiming key market positions. This follows a volatile Tuesday session where the sector faced pressure over administration demands to prioritize production timelines over shareholder dividends and buybacks.
Market attention is also fixed on the U.S. Supreme Court, which may rule as early as Friday on the legality of the administration's reciprocal tariffs. While these trade measures previously sparked concerns over rising corporate costs, U.S. Treasury Secretary Scott Bessent on Thursday reaffirmed his support for the tariff policy.
Speaking at the Economic Club of Minnesota, Bessent also addressed monetary policy, urging the Federal Reserve to accelerate interest rate reductions to stimulate national economic growth. "Interest rate cuts will have a tangible impact ... this is the only gap to achieving stronger economic growth," Bessent said, adding that the Federal Reserve should "no longer delay."
Bessent further noted that the announcement of the next Federal Reserve chair remains on track for later this month. Market participants continue to monitor these developments closely as the flow of economic data returns to its regular pace.
In corporate news, Alphabet closed up 1.1 percent to an all-time high, a day after the Google parent surpassed Apple for the second-highest market capitalization behind Nvidia, at around 3.9 trillion dollars. Apple ended 0.5 percent lower.
U.S. stocks close mixed after defense shares advance
China's two major power grid operators -- the State Grid Corporation of China (State Grid) and China Southern Power Grid (CSG) -- reported a surge in investment in the first quarter of 2026, underscoring efforts to strengthen infrastructure construction and support high-quality socioeconomic development in China.
The State Grid said it completed fixed-asset investment worth 129 billion yuan (about 18.77 billion U.S. dollars) in the first three months of this year, up 37 percent the corresponding period of the previous year. The spending has driven more than 250 billion yuan (36 billion U.S. dollars) of investment across the wider industrial chain.
Key projects such as the Panxi ultra-high-voltage (UHV) alternating current (AC) line and the Anhui-Hubei back-to-back direct current (DC) project have seen ground broken for their construction, while several west-to-east power transmission projects have been upgraded.
Investment in connecting renewable energy generation to the grid was reported to have exceeded 10 billion yuan (1.45 billion U.S. dollars) from January to March, a year-on-year rise of more than 50 percent.
The CSG also reported robust growth in investment in the three-month period, with fixed-asset investment reaching 38.45 billion yuan (5.58 billion U.S. dollars), up about 50 percent from a year earlier.
Among its achievements, the company completed and commissioned 80 key projects, including the 220 kV cross-sea power grid interconnection project, which was officially put into operation on March 20. The project ended years of grid isolation on the Weizhou Island in south China by linking it to the main power system of the Guangxi Zhuang Autonomous Region.
The construction of 17 other major energy projects, including one linking the power grid of the Xizang Autonomous Region in southwest China with that of Guangdong Province in south China, is advancing rapidly. These projects are expected to bolster regional industries, the maritime economy, digital collaboration and the transition to green energy.
"By accelerating major project construction, investment during the 15th Five-Year Plan period (2026-2030) is expected to approach 1 trillion yuan (145 billion U.S. dollars), driving a further 2 trillion yuan (290 billion U.S. dollars) of investment across upstream and downstream industries," said Dong Yanle, deputy general manager of the Engineering Construction Department under the China Southern Power Grid.
China ramps up power grid investment in January-March to boost growth
