The market was waiting for the Federal Reserve’s big interest rate-cut decision, so the S&P 500 ended Tuesday close to its record high.
Following its previous all-time high of 5,670.81, the broad market index closed higher by 0.03% at 5,634.58. To end the day at 41,606.18, the Dow Jones Industrial Average gave up 15.9 points, or 0.04%.
During the session, the 30-stock index likewise set a new high. Finishing at 17,628.06, the Nasdaq Composite gained 0.2%.
The recent highs for the Dow and S&P 500 occur during a historically challenging time for the market. September has been the worst month for the benchmark over the previous ten years, with an average monthly loss of 1.3%.
Traders triumphed over late-summer challenges brought on by worries about the state of the US economy. August saw a massive one-day sell-off due to disappointing manufacturing and jobs figures. Nevertheless, more positive data releases and prospects of a rate cut by the Fed allowed stocks to recover.
Source (CNBC)
