S&P 500 closes at a record high of 6,587.47 as the Dow surges by 617 points to 46,108.00

The S&P 500 broke past 6,587 on Thursday, setting a fresh all-time high as traders across Wall Street priced in a likely rate cut from the Federal Reserve next ￰0￱ Dow Jones closed up by 617 points, ending the day at 46,108.00, while the Nasdaq climbed to 22,043.08. All three indexes hit new intraday highs and settled at record closing levels, according to data from ￰1￱ gains followed a messy batch of inflation ￰2￱ Consumer Price Index (CPI) for August rose by 0.4% on the month, higher than the 0.3% estimate from economists surveyed by Dow Jones, as Cryptopolitan ￰3￱ a yearly basis, inflation held steady at 2.9%, exactly as ￰4￱ core CPI, which excludes food and energy, increased 0.3% for the month and 3.1% from a year ￰5￱ readings matched forecasts.

Coinbase, Terawulf, Bit Digital outperform Bitcoin While the indexes rallied, traders rotated toward crypto stocks, which have outpaced Bitcoin since ￰6￱ Research analyst Read Harvey said Thursday that Bitcoin has kept its lead over altcoins lately but warned that the long-term outlook is uncertain. “Bitcoin has regained some leadership versus altcoins over this recent ￰7￱ it able to maintain that leadership role though is the question,” Read said in a ￰8￱ is still holding above $100,000, the first time it’s ever done so for months in a row, and Bitcoin ETFs continue to attract consistent monthly ￰9￱ Research believes Bitcoin could climb back to $115,000, but for now, the better trades might be elsewhere.

“Crypto stocks have kept pace nicely with bitcoin this year and have actually outperformed since ￰10￱ it stands, we would not be taking off any crypto equity exposure in favor of bitcoin,” Read ￰11￱ those outperformers is Coinbase Global, which surged 83% since ￰12￱ entered the S&P 500 in May, shortly before Congress passed the GENIUS Act, a new law covering ￰13￱ ￰14￱ same month, Circle Internet Group, the company behind one of the largest stablecoins, went ￰15￱ events helped lift Coinbase to new highs, but the stock has since consolidated around $300. Read said the stock may be ready to move higher again. “Coinbase could be the next stock ready to expand out of its consolidation phase … having traded around $300 for the past 1.5 months,” he wrote.

A close above the 50-day average of $340 would confirm the ￰16￱ Thursday, Coinbase closed at $320, up from $315.34 a day ￰17￱ miners and alt plays add fuel to rally Bitcoin miner Terawulf has exploded 286% higher since ￰18￱ Thursday, it tacked on another 0.85%, continuing its upward move. Ethereum-focused Bit Digital rose 47% over the same stretch but dipped 0.67% during the trading day to $2.9450. It lost another 0.51% after hours, settling at $2.9300. Another big mover was Galaxy Digital, a financial services firm with heavy exposure to ￰19￱ stock jumped 10.70% to close at $28.87, then moved slightly higher after the bell to $28.90.

Sol Strategies Inc., listed under CYFRF, gained 22.28%. Despite Bitcoin’s more modest 37% gain since April, these crypto stocks have posted stronger ￰20￱ called them “some of the most intriguing setups” in his note, pointing to Terawulf, Bit Digital, and Coinbase as key ￰21￱ smartest crypto minds already read our ￰22￱ in? Join them .