2024-09-23 21:40:27
The S&P 500 closed today’s session at a new all-time high as traders rushed to position themselves in the market after the Fed’s big rate cut.
O S&P 500 closed with a rise of 0.28% at 5,718.57 units, while o Dow Jones gained 0.15% or 61.29 points to close at 42,124.65. THE Nasdaq strengthened 0.14% to 17,974.27 units.
The moves come as a major debate has opened in the US over what is the appropriate neutral interest rate, with Federal Reserve officials keeping the door open for further interest rate cuts.
On Friday, the Dow Jones closed at a new all-time high above 42,000. All three major stock indexes rose more than 1 percent last week, during which the S&P 500 hit new records.
Investors tried to absorb new economic statistics released in recent days, including August US manufacturing data.
Traders are watching with particular interest any economic statistic that could dampen expectations for a smooth landing for the US economy. Weekly jobless claims data will give Wall Street further clues about the state of the labor market and the economy at large.
However, stocks will show volatility in the short term amid geopolitical tensions and in anticipation of the US presidential election, according to Samer Samana, strategic analyst at Wells Fargo Investment Institute. The market may have become overly sensitive following the Fed’s decision to cut interest rates by 50 basis points, he notes.