Dow notches record closing high, small caps surge on rate cut bets
By Stephen Culp
Tue July 16, 2024 4:38 PM
DJ: 40,211 .72 +210.82 NAS: 18,472.57 +74.12 S&P: 5,631.22 +15.87 7/15
DJ: 40,954.48 +742.76 NAS: 18,509.34 +36.77 S&P: 5,667.20 +35.98 7/16
It was a straight shot up for everyone but the Nasdaq with so
much good news regarding a September rate cut (now odds at 100%), strong retail
sales indicating a resilient economy, and strong earnings have caused investors
to rotate from the huge megacaps to the small caps in the Dow which are most
likely to benefit from a rate cut. The Dow surged huge, up 742 points as did
the S&P, but leading the Dow to a record close. The value-oriented Dow has
been ignored due to the craze in tech but now is considered under-valued and
thus the huge buying spree. Volume was
slightly above the 4-week average at 11.83 billion.
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