S&P 500 hits record as Wall Street rallies on rate cut bets

Stocks rallied on Friday, with the S&P 500 and Dow Jones Industrial Average hitting record highs on hopes that the U.S. Federal Reserve will begin cutting U.S. interest rates as soon as September.

Reuters:
‎

Some of the market’s most valuable companies bounced back after dipping in the previous session, with Apple climbing 2% and Nvidia adding almost 3%.

The small-cap Russell 2000 rallied for a third straight day, jumping 1.4% to its highest since 2022, while the S&P 400 Mid Cap index firmed 1.4%. The two indexes have lagged the S&P 500 this year.

With the S&P 500 at record highs, investors are betting on strong profit growth from companies beyond Nvidia and other heavyweights that have benefited from explosive growth in artificial intelligence computing.

The S&P 500 was up 1.18% at 5,650.38 points. The Nasdaq gained 1.36% at 18,532.38 points, while the Dow Jones Industrial Average rose 1.15% to 40,209.36 points.

Support MacDailyNews at no extra cost to you by using this link to shop at Amazon.
‎
MacDailyNews Take: Nice rebound so far for our favorite fruit company!
‎
Please help support MacDailyNews. Click or tap here to support our independent tech blog. Thank you!

Support MacDailyNews at no extra cost to you by using this link to shop at Amazon.

The post S&P 500 hits record as Wall Street rallies on rate cut bets appeared first on MacDailyNews.