Stocks surged. The dollar gained. Platinum settled at the highest level in 11 years. Treasuries did okay.

The S&P 500 and the Nasdaq Composite marked record closes on Thursday, as many U.S. financial assets recovered from a brief but sharp dip one day prior.

The S&P 500 finished up 0.5% to mark its 9th record close for the year, after briefly touching a new intraday record.

The tech-heavy Nasdaq clinched its 4th consecutive record close, the longest streak of straight record closes for the Nasdaq in 8 months, according to Dow Jones Market Data. It was also the index’s 10th record close of 2025.

Almost all sectors were in the positive—think industrials, staples, financials and more. Tech did the best, with the Technology Select Sector SPDR exchange-traded fund now up for 3 consecutive days.

Thursday’s strong finish came after retail sales and jobless claims data released in the morning showed that Americans are spending more than economists’ expected and fewer folks are filing for unemployment benefits.

This was enough for investors to overlook the indicators of trouble from the latest consumer price index reading. June data, released on Tuesday, showed some flow-through from U.S. businesses paying higher import prices on tariffs to customers in goods like “furniture, major appliances, tools, sporting equipment and computers,” Diane Swonk KPMG’s chief economist, wrote in a note.

Meanwhile, in the commodity world, most-active platinum futures settled at the highest since August 2014. Gold dipped, but hovered over the $3,300 level. The yields on the 10-year and 30-year Treasury notes both ended up relatively flat from the prior day.

Treasury yields spiked Wednesday on reports that Trump was threatening to fire Federal Reserve Chair Jerome Powell. Trump later denied any likelihood of Powell’s ouster, but left the door open.

Under the Federal Reserve Act, a Federal Reserve governor can only be “sooner removed for cause by the President.”

The cause that Trump repeatedly highlighted to reporters on Wednesday was the multi-billion dollar renovation of the Fed’s offices and the apparent lack of clearances for it.

The Fed has said “The project will reduce costs over time by allowing the Board to consolidate most of its operations.”

Trump has consistently criticized Powell for not lowering interest rates this year and cutting them ahead of last year’s presidential election.

When the threat of his ouster was in the air in 2019, Powell told a reporter that spring that “it doesn’t occur to me in the slightest that there would be any situation in which I would not complete my term other than dying,” according to the book “Trillion Dollar Triage.”

He has repeatedly said he plans to finish his term, which will end in May 2026.

The betting market sees a 20% likelihood of Powell’s firing.

“What matters more to bond markets is the direction of travel in terms of Fed independence,” wrote Jonas Goltermann, Deputy Chief Markets Economist at Capital Economics. “Unlike raising tariffs, which can be withdrawn before the real damage is done, the reputational costs from firing Powell would be harder to undo.”

Investors will be able to parse the consumer sentiment reading for July when it is released on Friday at 10 a.m. Eastern. Americans felt better about the economy in June than they did in May, but levels are still low by historical standards.