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Wall Street closed higher on Thursday, driven by tech and energy stocks. Oil prices jumped following U.S. sanctions on Russian oil firms, and investor mood was optimistic on signs of easing trade tensions between the United States and China. All three benchmark indexes finished in the green.
How Did the Benchmarks Perform?
The Dow Jones Industrial Average (DJI) rose 0.3%, or 144.20 points, to close at 46,734.61. Fifteen components of the 30-stock index ended in positive territory, 14 ended in negative, while one remained unchanged.
The tech-heavy Nasdaq Composite added 201.40 points, or 0.9%, to close at 22,941.80.
The S&P 500 gained 39.03 points, or 0.6%, to close at 6,738.43. Seven of the 11 broad sectors of the benchmark index closed in the green. The Energy Select Sector SPDR (XLE), the Technology Select Sector SPDR (XLK) and the Industrials Select Sector SPDR (XLI) advanced 1.3% each, while the Consumer Staples Select Sector SPDR (XLP) declined 0.5%.
The fear gauge CBOE Volatility Index (VIX) decreased 7% to 17.3. A total of 19.1 billion shares were traded on Thursday, lower than the last 20-session average of 20.6 billion. Advancers outnumbered decliners by a 2.05-to-1 ratio on the NYSE and by 1.86-to-1 on the Nasdaq.
U.S. Sanctions on Russian Oil Firms Spark Energy Rally
The U.S. government announced new sanctions on Thursday targeting several major Russian oil companies, intensifying geopolitical tensions and shaking global energy markets. The sanctions, aimed at curbing Moscow’s energy revenues over its continued military actions in Ukraine, immediately sent crude oil prices soaring.
Oil prices jumped about 5% to a two-week high on Thursday after the United States imposed sanctions on major Russian energy giants like Rosneft and Lukoil in response to Moscow’s war in Ukraine. The move spurred energy companies in China and India to consider reducing their imports of Russian crude. Brent crude climbed $3.40, or 5.4%, to close at $65.99/barrel, while WTI crude advanced $3.29, or 5.6%, to settle at $61.79/barrel.
Energy stocks led market gains as investors bet on tighter global supply and stronger profit margins. The S&P 500 Energy Index jumped more than 2%, making it the day’s best-performing sector. Yet, broader market sentiment was mixed, as higher oil prices stoked inflation concerns and renewed fears that the Fed might delay any interest-rate cuts.
White House Confirmation of Trump-Xi Meeting Boosts Market
On Thursday, the White House officially confirmed that Donald Trump would meet with Xi Jinping next week during his Asia trip, providing a welcome dose of clarity amid escalating U.S.-China trade tensions. Markets greeted the news favorably. In the United States, major indexes rose as investors saw the scheduled summit as a de-escalation signal that might ease trade conflict and reduce uncertainty.
The confirmation helped relieve some market nerves after recent threats of tariffs and export controls, even though investors remained cautious given the lack of specifics on the agenda or outcomes. By reducing one key uncertainty in the complex U.S.-China narrative, the announcement acted as a sentiment stabilizer, encouraging investors to rotate from defensive holdings and consider more growth- and trade-sensitive sectors once again.
Economic Data
Per the National Association of Realtors, existing home sales for September increased to 4.06 million units. The number for August remained unrevised at 4 million units.
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Stock Market News for Oct 24, 2025
Wall Street closed higher on Thursday, driven by tech and energy stocks. Oil prices jumped following U.S. sanctions on Russian oil firms, and investor mood was optimistic on signs of easing trade tensions between the United States and China. All three benchmark indexes finished in the green.
How Did the Benchmarks Perform?
The Dow Jones Industrial Average (DJI) rose 0.3%, or 144.20 points, to close at 46,734.61. Fifteen components of the 30-stock index ended in positive territory, 14 ended in negative, while one remained unchanged.
The tech-heavy Nasdaq Composite added 201.40 points, or 0.9%, to close at 22,941.80.
The S&P 500 gained 39.03 points, or 0.6%, to close at 6,738.43. Seven of the 11 broad sectors of the benchmark index closed in the green. The Energy Select Sector SPDR (XLE), the Technology Select Sector SPDR (XLK) and the Industrials Select Sector SPDR (XLI) advanced 1.3% each, while the Consumer Staples Select Sector SPDR (XLP) declined 0.5%.
The fear gauge CBOE Volatility Index (VIX) decreased 7% to 17.3. A total of 19.1 billion shares were traded on Thursday, lower than the last 20-session average of 20.6 billion. Advancers outnumbered decliners by a 2.05-to-1 ratio on the NYSE and by 1.86-to-1 on the Nasdaq.
U.S. Sanctions on Russian Oil Firms Spark Energy Rally
The U.S. government announced new sanctions on Thursday targeting several major Russian oil companies, intensifying geopolitical tensions and shaking global energy markets. The sanctions, aimed at curbing Moscow’s energy revenues over its continued military actions in Ukraine, immediately sent crude oil prices soaring.
Oil prices jumped about 5% to a two-week high on Thursday after the United States imposed sanctions on major Russian energy giants like Rosneft and Lukoil in response to Moscow’s war in Ukraine. The move spurred energy companies in China and India to consider reducing their imports of Russian crude. Brent crude climbed $3.40, or 5.4%, to close at $65.99/barrel, while WTI crude advanced $3.29, or 5.6%, to settle at $61.79/barrel.
Energy stocks led market gains as investors bet on tighter global supply and stronger profit margins. The S&P 500 Energy Index jumped more than 2%, making it the day’s best-performing sector. Yet, broader market sentiment was mixed, as higher oil prices stoked inflation concerns and renewed fears that the Fed might delay any interest-rate cuts.
Consequently, shares of Marathon Petroleum Corporation (MPC - Free Report) and Phillips 66 (PSX - Free Report) rose 3.9% and 3.4%, respectively. Both currently carry a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
White House Confirmation of Trump-Xi Meeting Boosts Market
On Thursday, the White House officially confirmed that Donald Trump would meet with Xi Jinping next week during his Asia trip, providing a welcome dose of clarity amid escalating U.S.-China trade tensions. Markets greeted the news favorably. In the United States, major indexes rose as investors saw the scheduled summit as a de-escalation signal that might ease trade conflict and reduce uncertainty.
The confirmation helped relieve some market nerves after recent threats of tariffs and export controls, even though investors remained cautious given the lack of specifics on the agenda or outcomes. By reducing one key uncertainty in the complex U.S.-China narrative, the announcement acted as a sentiment stabilizer, encouraging investors to rotate from defensive holdings and consider more growth- and trade-sensitive sectors once again.
Economic Data
Per the National Association of Realtors, existing home sales for September increased to 4.06 million units. The number for August remained unrevised at 4 million units.