Wall Street Sets Records
Traders drove all three key indexes to achieve record highs on Thursday, fueled by optimism that persistent inflation will not hinder the Federal Reserve from reducing interest rates next week. The S&P 500 climbed 0.9%, surpassing the 6,588 mark for the first time. The Dow Jones increased by 616 points, reaching 46,107, and the Nasdaq 100 rose by 0.6%. The Consumer Price Index (CPI) report for August indicated a 0.4% increase in consumer prices compared to the previous month, which exceeded expectations, while the annual rate remained steady at 2.9%, as predicted. An increase in jobless claims, which rose by 27,000 to 263,000—the highest level since 2021—highlighted a deceleration in the labor market. Traders are almost certain of a quarter-point rate cut at the Federal Reserve's meeting on September 17, with the likelihood of a larger half-point reduction also rising. The gains were widespread across sectors, with notable performances from material stocks, health banks, consumer brands, and semiconductor companies. Companies such as Tesla (+6%), Micron (+7.5%), and Centene (+9.1%) recorded significant gains.
Download NOW!
No comments:
Post a Comment