S&P 500 ekes out record closing high; declines briefly after Powell
Mon September 30, 2024 5:18 PM
At 2 pm, Powell said the Fed was in no hurry to cut rates, making those decisions, as he has always maintained, based on the data, and the market plummeted, the Dow diving almost 400 points. Then shortly before close, Powell said he anticipated two more rate cuts this year. And the indexes zoomed, recovering all losses and closing with modest gains, sending the S&P to its fifth straight month of increases and the Dow to yet another record. Tonight the odds for a ½ point cut in November stands at about 1 in 3. Coming later this week are jobless claims and monthly payrolls. Volume came in at 12.64 billion, above the 4-week average of 11.93 billion.
DJ: 42,313.00 +137.89 NAS: 18,119.59 -70.70 S&P: 5,738.17 -7.20 9/27
DJ: 42,330.15 +17.15 NAS: 18,189.17 +69.58 S&P: 5,762.48 +24.31 9/30
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