Dow notches record high close after upbeat economic data
Fri August 30, 2024 5:04 PM
Today’s PCE data showed solid consumer spending further bolstering the case of a strong resilient economy and another sign of a soft landing. The report boosted the Dow and Nasdaq into triple-digits again, with the Dow at yet another record high. As today’s expert put it, “The market is really getting exactly what it wanted.” The August jobs report is coming next Friday and the overwhelming consensus now is for a ¼ point cut next month instead of a ½ point. Though today’s volume was characterized as light going into Labor Day weekend, the fact is that it came in almost exactly at the 11.4 billion average at 11.2 billion.
DJ: 41,335.05 +243.63 NAS: 17,516.43 -39.60 S&P: 5,591.96 -0.22 8/29
DJ: 41,563.08 +228.03 NAS: 17,713.62 +197.20 S&P: 5,648.40 +56.44 8/30
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