Wall Street advances as traders' bets rise for bigger Fed rate cut

Wall Street advances as traders' bets rise for bigger Fed rate cut

By Sinéad Carew and Shashwat Chauhan

Fri September 13, 2024 4:08 PM

All three indexes went on a continuous upward trajectory on “unlucky” Friday the 13^th when the New York Fed prez opined that there was now a strong case of a ½ point rate cut on the 18^th.  Another expert threw in his two cents that there was enough investor optimism that a ½ point cut would not indicate a looming recession. Wednesday turned to panic because CPI was a tad too high and that turned into optimism on Thursday with PPI, even though that too was a tad too high. But today seemed to seal the deal as the indexes enjoyed handsome 3-digit gains again. Volume once again came in below the 4-week average of 10.78 billion at 10.15 billion. 

DJ: 41,096.77  +235.06      NAS: 17,569.68  +174.15      S&P: 5,595.76  +41.63          9/12

DJ: 41.393.78  +297.01      NAS: 17,683.98  +114.30      S&P: 5,626.02  +30.26          9/13

Fri 9-13-24 4:08 pm Wall Street advances as traders' bets rise for bigger Fed rate cut | Reuters