Wall Street Closes with Double Record; Intel Shares Stand Out
Gains were broad-based across sectors, led by energy stocks (up 1.31%) and consumer discretionary stocks (up 1.3%).
Investors Extend Enthusiasm as Fed Kicks Off Interest Rate Cuts.
Wall Street’s three main indexes posted moderate gains and set two new records as the week began. Investors continued to ride the wave of enthusiasm sparked by last week’s initiation of interest rate cuts by the Federal Reserve (Fed).
The Dow Jones Industrial Average, which tracks 30 major companies, rose 0.15%, closing at a record high of 42,124.65 points. The S&P 500, encompassing 500 companies, advanced 0.28% to reach 5,718.57, also a record. The tech-heavy Nasdaq gained 0.14%, finishing at 17,974.27.
Monday’s gains coincided with dovish comments from three key Fed officials and steady U.S. manufacturing activity data, further supporting the market’s ongoing recovery.
Last week, the market surged after the Fed implemented its first, larger-than-expected interest rate cut. With indices now on track to make monthly gains, they appear poised to break the typical September downturn.
Following the rate cuts, attention is shifting to August’s personal consumption expenditure (PCE) data, set to be released on Friday. The PCE index, the Fed’s preferred inflation gauge, is expected to serve as a key short-term market catalyst.
Gains were broad-based across sectors, led by energy stocks (up 1.31%) and consumer discretionary stocks (up 1.3%). Within the Dow Jones, Intel stood out with a 3.30% rise, surpassing Boeing (up 1.96%) and Walmart (up 1.61%).
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