Dow closes at record high as tame inflation report also lifts small caps By Echo Wang

Dow closes at record high as tame inflation report also lifts small caps

By Echo Wang

Fri September 27, 2024 4:45 PM

The PCE data came in just slightly better than expected but that was plenty enough to maintain enthusiasm for both a soft landing and another ½ point rate cut in November and, with U of M’s consumer confidence reading also coming in just slightly higher than expected, the Dow zoomed up to another record, though the tech indexes did not do so well, especially the Nasdaq that spent nearly the entire session in the red. 

The Dow was up some 450 points by 11 a.m. but then, along with the others, went into decline for the rest of the day. There was no explanation for the afternoon decline. So, everything is slightly better tonight and September, historically one of the worst months of the year, may turn out to be one of history’s best months, with the Dow and S&P at records and the Nasdaq just slightly below its record, barring a disaster on Monday. Volume was just a tad below the 11.87 billion average coming in at 11.5 billion. 

DJ: 42,175.11  +260.36      NAS: 18,190.29  +180.09     S&P: 5,745.37  +23.11        9/26

DJ: 42,313.00  +137.89      NAS: 18,119.59  -70.70        S&P: 5,738.17  -7.20           9/27

Fri 9-27-24 4:45 pm Dow closes at record high as tame inflation report also lifts small caps | Reuters