Record highs were reached in the stock market as hopes for interest rate cuts and the growing interest in artificial intelligence technology fueled a continued rally on Wall Street. While some stocks fell, the S&P 500 managed to rise by 0.2 percent, surpassing the previous day’s all-time high. The Nasdaq composite also climbed by 0.3 percent, setting yet another record. However, the Dow Jones Industrial Average experienced a slight decline of 0.2 percent.
One notable performer was technology company Broadcom, which saw its stock soar by 12.3 percent. This surge in stock prices can be attributed to the belief among investors that inflation is slowing down, which increases the likelihood of the Federal Reserve implementing interest rate cuts later in the year. As a result, Treasury yields in the bond market eased.
In terms of specific numbers, the S&P 500 rose by 12.71 points to reach 5,433.74. The Dow Jones Industrial Average, on the other hand, fell by 65.11 points to settle at 38,647.10. The Nasdaq composite saw an increase of 59.12 points, reaching 17,667.56. Meanwhile, the Russell 2000 index, which represents smaller companies, experienced a decline of 18.19 points, or 0.9 percent, bringing it to 2,038.91.
Taking a broader look at the week, the S&P 500 has seen an increase of 86.75 points or 1.6 percent. However, the Dow has experienced a decline of 151.89 points or 0.4 percent. In contrast, the Nasdaq has risen by an impressive 534.43 points or 3.1 percent. The Russell 2000 has also seen a small increase of 12.36 points or 0.6 percent.
When considering the performance of these indices for the year as a whole, the S&P 500 has been particularly strong, with an increase of 663.91 points or 13.9 percent. The Dow has also seen growth of 957.56 points or 2.5 percent. The Nasdaq, known for its focus on technology stocks, has experienced substantial gains of 2,656.21 points or 17.7 percent. Lastly, the Russell 2000 has seen a modest increase of 11.84 points or 0.6 percent.
It is important to note that the information provided is for general informational purposes only and should not be taken as financial advice. The Epoch Times does not provide personal finance recommendations and holds no liability for the accuracy or timeliness of the information presented. As always, it is advisable for investors to conduct thorough research and seek professional guidance before making any investment decisions.
