S&P 500, Dow set for best week this year on Trump win, rate cut
The S&P 500 and the Dow edged higher on Friday, putting them on course for their best week this year, as a sweeping Trump victory powered bets of a business-friendly agenda.
The S&P 500 and the Dow edged higher on Friday, putting them on course for their best week this year, as a sweeping Trump victory powered bets of a business-friendly agenda.
Donald Trump’s election victory was welcomed happily by Wall Street, with all three major benchmarks hitting record highs on Wednesday.
U.S. stock indexes sagged on Tuesday as rising Treasury yields impacted rate-sensitive sectors, while investors evaluated earnings to assess the health of American companies.
Wall Street had another big day with the Dow and S&P 500 hitting another intraday record high, just a day after the Federal Reserve cut interest rates by half-a-percentage point and forecasted that more cuts could be coming.
The Dow jumped over 500 points and the Nasdaq increased 2% on Thursday as retail sales data indicated resilient consumer spending, somewhat calming fears of a possible recession.
The Dow Jones Industrial Average hit the 40,000 point threshold for the first time ever on Thursday as investors on Wall Street were feeling timid over the idea of interest rate cuts.
Wall Street’s main stock indexes ticked higher, with the blue-chip Dow leading gains in thin trading ahead of crucial economic data.
Nvidia briefly displaced Alphabet as the U.S. stock market’s third most valuable company.
A fire at a chemical plant in Louisiana triggered an explosion on Friday prompting warnings from emergency officials for nearby citizens to remain indoors and turn off all air conditioners.