On Tuesday, the bull market expanded beyond technology companies in anticipation of impending interest rate cuts, pushing the Dow Jones Industrial Average to all-time highs.
A new intraday record was set as the Dow increased by 588 points, or 1.45%. The small-cap-focused Russell 2000 increased 2.3% and was headed for its sixth day of advances in a row.
While technology equities, which have been the biggest winners in the 2024 rally thus far, sat out Tuesday’s gains, the S&P 500 gained 0.2% and the Nasdaq Composite fell 0.3%.
A bellwether for industry The Dow’s second-biggest gainer behind insurer UnitedHealth, which revealed better-than-expected second-quarter results, was Caterpillar, which surged 3.6%.
Profits from Morgan Stanley and Bank of America above analyst estimates, which helped the financial sector, another trailing bull market category, rise. Morgan Stanley surged by more than 2%, while Bank of America saw a 5% rise.
Source (CNBC)
