The S&P 500 closed at a record high on Monday, recovering after a short dip following comments from Federal Reserve Chair Jerome Powell. Powell mentioned that the Fed is not rushing to cut interest rates further but expects two more rate cuts by the end of the year if the economy continues as expected.
The Dow Jones also reached an all-time high, and all three major U.S. stock indexes — the S&P 500, Nasdaq, and Dow — ended the month and quarter with gains.
Earlier this month, the Fed made a 50 basis point rate cut, marking the start of a new easing cycle. Traders are now estimating a 35% chance of another 50-point cut in November.
Despite Powell’s comments, the S&P 500 rose 0.42%, while the Nasdaq and Dow also posted gains. Analysts believe that quarter-end trading may have contributed to the late-day market recovery.
Key economic data, including jobless claims and payroll reports, will be closely watched ahead of the Fed’s next meeting in November.
In the broader market, more stocks gained than fell, with the S&P 500 hitting 30 new 52-week highs.
CVS Health also saw a 2.4% rise after hedge fund Glenview Capital showed interest in helping improve the company’s operations.
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