- September 20, 2024
Wall Street surges to record highs after Fed cut; S&P 500 and Dow hit new peaks – Times of India
Wall Street surged to record highs after the Fed cut rates, with the S&P 500 climbing over 1.7% to set a new peak, surpassing its previous record from July. Meanwhile, the Dow Jones Industrial Average rose 1%, also reaching an all-time high, while the Nasdaq Composite jumped 2.7%, though it remains below its record set two months ago.
Heavyweight stocks that have driven this year’s market rally continued to rise, with Tesla surging over 7%, while Apple and Meta Platforms each gained nearly 4%.AI leader Nvidia also climbed 4%, contributing to a 4.3% increase in the PHLX semiconductor index.
The S&P 500 closed up 1.7% at 5,713.64 points, achieving a new record high, while the Nasdaq rose 2.51% to 18,013.98 points and the Dow Jones Industrial Average gained 1.26%, closing at 42,025.19 points.
Eight of the eleven S&P 500 sector indexes finished higher, with information technology leading the way at a 3.08% increase, followed closely by a 2.2% gain in consumer discretionary. Key contributors in the Dow included Apple, Caterpillar, Goldman Sachs, and Salesforce.
Positive jobless claims data further fueled global risk appetite, leading the small-cap Russell 2000 index to rise 2.1% as lower interest rates bolstered expectations for reduced operating costs and higher profits.
With falling rates typically seen as a boon for stocks, the market is optimistic that these easier financial conditions will spark further gains, building on the impressive 20% rise in the S&P 500 this year.
Heavyweight stocks that have driven this year’s market rally continued to rise, with Tesla surging over 7%, while Apple and Meta Platforms each gained nearly 4%.AI leader Nvidia also climbed 4%, contributing to a 4.3% increase in the PHLX semiconductor index.
The S&P 500 closed up 1.7% at 5,713.64 points, achieving a new record high, while the Nasdaq rose 2.51% to 18,013.98 points and the Dow Jones Industrial Average gained 1.26%, closing at 42,025.19 points.
Eight of the eleven S&P 500 sector indexes finished higher, with information technology leading the way at a 3.08% increase, followed closely by a 2.2% gain in consumer discretionary. Key contributors in the Dow included Apple, Caterpillar, Goldman Sachs, and Salesforce.
Positive jobless claims data further fueled global risk appetite, leading the small-cap Russell 2000 index to rise 2.1% as lower interest rates bolstered expectations for reduced operating costs and higher profits.
With falling rates typically seen as a boon for stocks, the market is optimistic that these easier financial conditions will spark further gains, building on the impressive 20% rise in the S&P 500 this year.
