S&P 500, Nasdaq hit record closing highs amid trade negotiations, rate cut bets
By Stephen
Culp
Fri June 27, 2025 4:30 PM
Today’s PCE data showing weakening consumer spending for a second day strengthened the case for the Fed to cut rates sooner than later and that among other weakening data sent stocks into very substantial 3-digit gains for a second day. The Dow rose over 600 points in the morning session but then, along with all the indexes, took a major dive at about 1 pm before beginning a recovery around 3 pm to close with still substantial gains. It was at about 1 pm when Trump announced the termination of trade negotiations with Canada.
Both the Nasdaq and S&P are once again flirting with new record highs and the Dow within 2.7% of its record set in December. U of M’s sentiment indicator showed a modest increase in consumer confidence but still well below the post-election reverie last November. The economy continues to hover over the Fed’s 2% inflation target. But overall, “The market’s been pretty resilient. Investors are riding momentum and looking for breakouts.” At 22.07 billion, volume was way above the 4-week average of 18.27 billion.
DJ: 43,386.84 +404.41 NAS: 20,167.91
+194.36 S&P: 6,141.02
+48.86 6/26
DJ: 43,819.27 +432.43 NAS: 20,273.46
+105.55 S&P: 6,173.07
+32.05 6/27
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