The economy surged forward again Thursday with another record day on Wall Street.
The S&P 500 increased 1.7% for its 39th record-high of the year. For the year, the S&P is up about 20% over 2023.
The Nasdaq 100 and Russell 2000 both saw gains over 2% as well as traders seem to believe in the Federal Reserve’s current plan to cut interest rates.
“Despite some volatility after the Fed’s rate cut, the S&P 500’s bullish trend remains intact,” Fawad Razaqzada at City Index and Forex.com told Bloomberg. “The Fed’s decision to deliver a 50-basis point rate cut was largely welcomed by investors. The move was seen as a bold but necessary step to ease economic concerns without sending panic signals reminiscent of the 2008 financial crisis.”
The final tally saw the S&P 500 finish above 5,700 and the Dow Jones rise past 42,000.