2024-09-14 12:03:38
Wall Street closed higher today, with the S&P 500 and Nasdaq posting their best weekly performance this year ahead of the Federal Reserve’s meeting next week.
THE S&P 500 rose 0.54% to close at 5,626.02, less than 1% from July’s all-time high. THE Nasdaq strengthened by 0.65% closing at 17,683.98 points. Both indexes posted gains for the fifth straight session.
THE Dow Jones showed an increase of 297.01 points or 0.72%, closing at 41,393.78 points.
The utilities, communications and industrials sectors led the market higher, with each sector gaining more than 1%.
Investors continued to buy stocks in big tech and semiconductors, which contributed to last week’s rally. Super Micro Computer and ARM Holdings gained 3.4% and 5.9% respectively, while Alphabet posted gains of 1.8% and Uber more than 6%.
On a weekly basis, the S&P 500 gained 4% and the Nasdaq 5.9%, in the best week of 2024 for both indices. The Dow Jones gained 2.6%.
Wall Street’s eyes are all on the Fed meeting on September 17/18, when the central bank is expected to cut interest rates by 25, possibly 50 basis points. The Fed’s key interest rate is in the range of 5.25% to 5.5%.