Stock Market Overview
Stocks Soar as Fed’s Aggressive Rate Cut Encourages Risk-On Sentiment
The S&P 500 Index ($SPX) (SPY) today is up by +1.56%, the Dow Jones Industrials Index ($DOWI) (DIA) is up by +1.28%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up by +2.32%.
Stocks today are sharply higher, with the S&P 500 and Dow Jones Industrials posting new all-time highs and the Nasdaq 100 climbing to a 4-week high. Stocks are rallying worldwide after the Fed cut interest rates by -50 bp on Wednesday. The Fed’s -50 bp rate cut and projections for another -50 bp of rate cuts this year have bolstered speculation the Fed will engineer a soft landing and sparked risk-on sentiment for asset markets. Stocks maintained their gains today despite an increase in bond yields after US weekly initial unemployment claims fell more than expected to a 4-month low, a hawkish factor for Fed policy.
US weekly initial unemployment claims fell -12,000 to a 4-month low of 219,000, showing a stronger labor market than expectations of 230,000.
The US Aug Philadelphia Fed business ou... Read more
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