With the Dow Jones Industrial Average and S&P 500 close to record highs, stocks saw minimal movement on Monday as investors sought to drive equities back to all-time highs following the Federal Reserve’s announcement that rate reduction will soon occur.
While the Dow gained 81 points, or 0.2%, the S&P 500 increased by just 0.1%. The flatline was somewhat above the Nasdaq Composite.
After a solid week in which Fed Chair Jerome Powell hinted at impending interest rate decreases, stocks are recovering.
A rate cut has been keenly anticipated by Wall Street, particularly in light of some concerning economic data that prompted a sell-off at the start of August and alarmed investors that higher borrowing costs might harm the US economy.
Source (CNBC)
