Stocks Ended Higher, S&P 500 Closed at Historic Peak

U.S. stocks ended higher on Thursday, with the S&P 500 closing at a record high, after the Federal Reserve signaled that an interest-rate cut may be forthcoming. The Dow Jones Industrial Average jumped 249.17 points, or 0.94%, to 26,753.17. The S&P 500 rose 27.72 points, or 0.95%, to 2,954.18. The Nasdaq Composite advanced +64.02 points, or 0.80%, to 8,051.34.

The price of oil spiked on Thursday after Iranian military forces shot down a US drone. West Texas Intermediate crude for July delivery rose $2.89, or 5.4%, to settle at $56.65 a barrel. August Brent crude climbed $2.63, or 4.3%, to finish at $64.45 a barrel.

Oracle Corp.(ORCL) shares rallied to close at a record high Thursday after the database giant showed signs of long-awaited growth in cloud-based services and analysts responded by boosting price targets on the stock.Oracle shares are up 26% for the year, compared with an 18% gain for the S&P 500 and a 21% gain logged by the Nasdaq Composite.