Wall Street reaches new highs

Stocks on Wall Street advanced for a fourth straight day Thursday. The three main indexes hit record highs. The S&P added a third percent. Spurring investors to buy stocks: China said it would cut extra tariffs on U.S. goods in half in a bid to prop up its economy that has been hit by the coronavirus outbreak. A drop in the number of Americans filing for jobless benefits also boosted investor sentiment.

Gerber Kawasaki investment advisor Brett Sifling:


"The market's acting like there isn't any bad news out there right now. And while we do have this favorable economic backdrop of strong corporate earnings and low interest rates, I think that the market is getting a little bit ahead of itself at this point."

Back on Wall Street, Casper Sleep shares jumped nearly 13% on their debut. But the mattress retailer's valuation was still a far cry from the $1.1 billion it had received in a private fundraising round in March.

Investors stocked up on Twitter shares. The micro-blogging platform's quarterly revenue hit the $1 billion mark for the first time.

Shares of Kellogg tumbled. The breakfast cereal maker's quarterly same-store sales fell. It was hurt by the sale of its cookie business.

Philip Morris rose. Adjusted profit and revenue at the maker of Marlboro cigarettes beat analysts' estimates.