Wall Street Closes Higher Amid Hopes of Global Interest Rate Cuts
Wall Street closed higher and held near all-time highs amid hopes that moves by Japan’s central bank to keep interest rates easy for investors could be a preview for the rest of the world.
Positive Momentum on Wall Street
The S&P 500 rose 0.6 percent on Tuesday, coming close to its record high. The Dow also rose 0.7 percent, while the Nasdaq composite added 0.7 percent. Japan’s Nikkei 225 was one of the world’s biggest winners after its central bank decided to keep its benchmark rate below zero in hopes of encouraging more borrowing and spending.
Anticipation of Potential Fed Rate Cuts
Hopes are building that the Federal Reserve may cut its own interest rates several times next year. This anticipation is contributing to the positive sentiment in the market.
Tuesday’s Market Performance
- The S&P 500 rose 27.81 points, or 0.6 percent, to 4,768.37.
- The Dow Jones Industrial Average rose 251.90 points, or 0.7 percent, to 37,557.92.
- The Nasdaq composite rose 98.03 points, or 0.7 percent, to 15,003.22.
- The Russell 2000 index of smaller companies rose 38.54 points, or 1.9 percent, to 2,020.95.
Weekly Performance
For the week:
- The S&P 500 is up 49.18 points, or 1 percent.
- The Dow is up 252.76 points, or 0.7 percent.
- The Nasdaq is up 189.30 points, or 1.3 percent.
- The Russell 2000 is up 35.83 points, or 1.8 percent.
Yearly Performance
For the year:
- The S&P 500 is up 928.87 points, or 24.2 percent.
- The Dow is up 4,410.67 points, or 13.3 percent.
- The Nasdaq is up 4,536.74 points, or 43.3 percent.
- The Russell 2000 is up 259.71 points, or 14.7 percent.
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