Wall Street’s Best Week of 2024: Indexes Approaching Record Highs
Wall Street's Best Week of 2024
Wall Street closed out its best week of 2024 with indexes climbing to near record levels. The Standard & Poor's 500 rose by 0.5% for its fifth consecutive gain, nearing its previous all-time high. Boosted by rallies in significant technology stocks like Microsoft and Broadcom, the index recovered from losses faced the week prior.
Market Movements
- The Dow Jones increased by 0.7%, nearly hitting its record.
- Uber Technologies played a pivotal role with a 6.4% gain, announcing plans for autonomous ride-hailing.
Interest Rate Outlook
With the Federal Reserve meeting approaching, expectations mount for an interest rate cut, potentially the first in over four years. This shift could help alleviate inflation pressures while supporting economic stability.
- Traders are divided on the cut size, with a possibility of a 0.5% cut.
- The federal funds rate currently stands between 5.25% and 5.50%.
Key Performers
Technology stocks drove market momentum, with Nvidia soaring 15.8% over the week. Conversely, Boeing’s shares fell 3.7% due to labor strike issues.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.