Wall Street Sets Records
Traders pushed all three major indexes to record closes Thursday, expecting that ongoing inflation won’t prevent the Fed from easing rates next week.
The S&P 500 gained 0.9% crossing 6588 level for the first time, the Dow Jones rose 616 points to top 46,107, while and the Nasdaq 100 advanced 0.6%. The August CPI report showed consumer prices rose 0.4% on the month, above expectations, but the annual rate held at 2.9%, in line with forecasts.
Jobless claims added to signs of a slowing labor market, rising by 27K to 263K, the highest since 2021. Traders priced in a near-certain quarter-point cut at the Fed’s September 17 meeting, with odds of a larger half-point move ticking up.
Gains were broad-based, with materials stocks, health banks, consumer names, and chipmakers among the standouts, while companies such as Tesla (+6%), Micron (+7.5%), and Centene (+9.1%) notched sharp advances.
Source: Trading Economics
