WNYT NewsChannel 13 on Nostr: Stock market today: Wall Street's scorching rally sets more records as hopes rise for ...
Stock market today: Wall Street's scorching rally sets more records as hopes rise for rate cuts
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U.S. stocks rose to more records after a highly anticipated report on the job market bolstered hopes for rate cuts. The S&P 500 climbed 0.5% to set an all-time high for a third straight day. The Dow Jones Industrial Average rose 0.2%, while the Nasdaq composite added 0.9% to its own record. Treasury yields sank following the U.S. jobs report, reinforcing belief that the U.S. economy's growth is slowing under the weight of high interest rates. The hope is that the Federal Reserve will lower interest rates early and significantly enough to keep the economic slowdown from sliding into a recession, but not so much that it allows inflation to regain strength and take off again. The jobs report keeps the Fed on track to cut its main interest rate later this year, likely in September and perhaps again in December. The two-year Treasury yield fell to 4.60% from 4.71%, and the yield on the 10-year Treasury fell to 4.27% from 4.36%. Gold miner Newmont rose 2.4% as the price of gold strengthened. Meta Platforms jumped 5.9%, Apple added 2.2%, and Amazon rose 1.2% after the announcement of a deal where the parent company of Saks Fifth Avenue will buy Neiman Marcus Group for $2.65 billion. In Asia, Japan's Nikkei 225 topped the 41,000 level early on Friday but ended the day marginally lower.
#StockMarket #WallStreet #RateCuts #S&p500 #DowJonesIndustrialAverage #NasdaqComposite #FederalReserve #TreasuryYields #InterestRates #Gold #Newmont #MetaPlatforms #Apple #Amazon #Nikkei225
https://wnyt.com/us-news/stock-market-today-wall-streets-scorching-rally-sets-more-records-as-hopes-rise-for-rate-cuts/
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U.S. stocks rose to more records after a highly anticipated report on the job market bolstered hopes for rate cuts. The S&P 500 climbed 0.5% to set an all-time high for a third straight day. The Dow Jones Industrial Average rose 0.2%, while the Nasdaq composite added 0.9% to its own record. Treasury yields sank following the U.S. jobs report, reinforcing belief that the U.S. economy's growth is slowing under the weight of high interest rates. The hope is that the Federal Reserve will lower interest rates early and significantly enough to keep the economic slowdown from sliding into a recession, but not so much that it allows inflation to regain strength and take off again. The jobs report keeps the Fed on track to cut its main interest rate later this year, likely in September and perhaps again in December. The two-year Treasury yield fell to 4.60% from 4.71%, and the yield on the 10-year Treasury fell to 4.27% from 4.36%. Gold miner Newmont rose 2.4% as the price of gold strengthened. Meta Platforms jumped 5.9%, Apple added 2.2%, and Amazon rose 1.2% after the announcement of a deal where the parent company of Saks Fifth Avenue will buy Neiman Marcus Group for $2.65 billion. In Asia, Japan's Nikkei 225 topped the 41,000 level early on Friday but ended the day marginally lower.
#StockMarket #WallStreet #RateCuts #S&p500 #DowJonesIndustrialAverage #NasdaqComposite #FederalReserve #TreasuryYields #InterestRates #Gold #Newmont #MetaPlatforms #Apple #Amazon #Nikkei225
https://wnyt.com/us-news/stock-market-today-wall-streets-scorching-rally-sets-more-records-as-hopes-rise-for-rate-cuts/