Indices Shine, S&P Scrapes Another Record High
Stocks rose Wednesday, adding to their recent momentum as expectations for lower U.S. Federal Reserve rates continue driving the major indexes to all-time highs.
The Dow Jones Industrial Average popped 463.66 points, or 1%, to 44,922.27.
The S&P 500 index climbed 20.82 points to 6,466.58, yet another all-time record.
The NASDAQ added 31.24 points to 21,713.14. Both S&P 500 and NASDAQ reached new intraday record highs shortly after Wednesday’s opening bell, but came off those highs later in the session.
AMD popped more than 5% to lead gains in tech. Apple also advanced about 1%. Shares of Paramount Skydance soared more than 34%, putting the media company on pace for its best day since March 2020.
Traders are pricing in a 99% chance of a rate cut at the Federal Reserve’s September meeting.
Thursday’s producer price index report on wholesale inflation will add another piece of the economic picture. The report comes ahead of the Fed’s Jackson Hole meeting on Aug. 21-23, which could also help shape expectations for the central bank’s next policy move.
Prices for 10-year Treasury moved upward Wednesday, lowering yields to 4.24% from Tuesday’s 4.29%. Treasury prices and yields move in opposite directions.
Oil prices slid 35 cents to $62.82 U.S. a barrel.
Gold prices regained $8.90 to $3,407.90 U.S. an ounce.
