Ahead of the Federal Reserve’s anticipated critical decision to lower interest rates, the S&P 500 reached a record high on Tuesday.
Following its earlier ascent to a new record high of 5,670.81, the broad market index was up 0.2% at 5,642.
While the Dow Jones Industrial Average increased by 53 points, or 0.1%, the Nasdaq Composite gained 0.6%. Also hitting a new record high was the Dow of 30 stocks.
A historically difficult time for the market coincides with the S&P 500’s ascent to an all-time high. Based on FactSet data, September has averaged a 1.3% monthly loss, making it the worst month for the benchmark during the past ten years.
Amidst worries about the state of the US economy, traders also triumphed over late-summer headwinds.
August’s massive one-day sell-off was prompted by disappointing manufacturing and jobs data. More encouraging data releases and the likelihood that the Fed will cut rates, however, allowed stocks to recover.
Source (CNBC)
