S&P 500, Nasdaq hit record closing highs ahead of data, Fed comments

 

S&P 500, Nasdaq hit record closing highs ahead of data, Fed comments

By Echo Wang

Mon June 17, 2024 5:08 PM

It was a straight shot up on all three indexes based mostly on continuing AI enthusiasm, today from Broadcom, and optimism over reports coming this week on retail sales, industrial production, housing starts, and industrial purchasing, hoping this data will support sooner rate cuts. This is despite the fact that Philly Fed prez said today that there will probably be only one rate cut this year and maybe as late as December. But the market is still placing its bets on at least two cuts. Both Nasdaq and the S&P hit fresh record highs again with volume still below average at 11.1 billion vs a 4-week of 11.87 billion. 

DJ: 38,589.16  -57.94        NAS: 17,688.88  +21.32       S&P: 5,431.60  -2.14     6/14

DJ: 38,778.10  +188.94     NAS: 17,857.02  +168.14      S&P: 5,473.23  +41.63  6/17

Mon 6-17-24 5:08 pm S&P 500, Nasdaq hit record closing highs ahead of data, Fed comments | Reuters