Keep Your Stock Longs, As Dow Jones and S&P 500 Print New Highs

Whoever is holding long positions in stock market and US indices has done a great job, as Dow Jones and S&P 500 keep making record highs.

Skerdian Meta•Tuesday, September 24, 2024•1 min read

The stock market’s upward momentum shows no signs of slowing down. Both the Dow Jones and S&P 500 hit new record highs yesterday and continued to climb today, though the increases were modest. The Dow closed at 42,261.44 points, while the S&P 500 settled at 5,746.75 points. Despite global economic challenges, the overall market sentiment remains cautiously optimistic, driven by expectations that central banks will continue to ease monetary policies.

US Stocks Rise Amid Broader Positive Risk Sentiment

In particular, the People’s Bank of China (PBOC) lowered its reserve requirement ratio (RRR) by 50 basis points during the Asian session, further fueling positive risk appetite. Tech and consumer stocks were selectively favored by investors, especially as the technology sector, which started the day on a softer note, managed to recover by the close.

Dow Jones Chart Daily – Stabilizing Above Resistance

Closing Prices for the Main US Stock Indices

Dow Jones Industrial Average: +0.20%
S&P 500 Index: +0.24%
NASDAQ: +0.55%
Russell 2000: +0.20%

The NASDAQ’s strong performance highlights ongoing optimism, particularly in the tech sector, while the S&P and Dow closed at new record highs once again.

Companies like Alibaba and Tencent surged, signaling growing confidence in tech after recent struggles. The softer monetary stance globally is providing a buffer against the broader economic headwinds, with investors showing resilience by selectively placing bets on sectors that could outperform in the near term.

The stocks below saw strong gains, led by notable advances in tech and consumer sectors:

Alibaba: +7.91%
Tencent: +7.00%
Beyond Meat: +6.59%
Trump Media: +5.27%
Taiwan Semiconductor: +4.13%
Caterpillar: +3.98%
Nvidia: +3.93%

S&P 500 Live Chart

S&P500

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ABOUT THE AUTHOR See More

Skerdian Meta

Lead Analyst

Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.