Wall St posts record closes as inflation data fuel rate-cut bets

TheStar Thu, May 16, 2024 06:39am - 3 days View Original


The Dow rose 349.89 points, or 0.88%, to 39,908.00 while the S&P 500 gained 61.47 points, or 1.17%, at 5,308.15. The Nasdaq advanced 231.21 points, or 1.40%, to 16,742.39.

NEW YORK: Wall Street's three major indices notched record closes on Wednesday with the benchmark S&P 500 and the Nasdaq both advancing more than 1%, after a smaller-than-expected rise in consumer inflation bolstered investors' hopes for interest rate cuts by the Federal Reserve.

All three indices hit intraday record highs with technology stocks leading the charge. The blue-chip Dow drew closer to the 40,000 milestone.

Tepid US Consumer Price Index (CPI) data for April fueled optimism that inflation was easing after three months of higher-than-expected numbers. This led traders to raise bets that the Fed will cut its policy rate in September and December.

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