Traders worked diligently on the floor of the New York Stock Exchange on August 8, 2024, as the Dow Jones Industrial Average surged to a fresh record, driven by positive economic data suggesting continued progress in reducing inflation. This marked Wall Street’s third consecutive week of gains. The 30-stock Dow climbed 137.89 points, or 0.33%, closing at a record 42,313.00 after hitting an all-time high during the session. In contrast, the S&P 500 dipped 0.13% to 5,738.17, and the Nasdaq Composite fell 0.39% to finish at 18,119.59, pressured by a 2% drop in Nvidia shares.
Despite the mixed performances, the major indexes extended their weekly gains, with the S&P 500 and Dow increasing by around 0.6% and the Nasdaq advancing nearly 1%. Encouraging inflation data potentially bolstered the Federal Reserve’s confidence in lowering interest rates. The personal consumption expenditures (PCE) price index rose just 0.1% for August, aligning with expectations and bringing the annualized rate to 2.2%, slightly below the 2.3% forecast.
Investors and policymakers hope that persistent easing in inflation will lead to further reductions in borrowing costs, easing financial strain on businesses and households. Chris Zaccarelli, Chief Investment Officer at Independent Advisor Alliance, noted that if inflation trends continue downward, the Fed could focus on the labor market and maintain a rate-cutting stance, beneficial for both stock and bond markets.
Wall Street’s recent gains were also fueled by data underscoring the U.S. economy’s strength. The latest figures revealed a sharper-than-expected decline in initial jobless claims, signaling a robust labor market, alongside a solid 3% growth rate in the final reading of second-quarter GDP.
As traders continue to monitor these economic indicators, the outlook remains cautiously optimistic, with hopes that continued inflation control will sustain the positive momentum in the markets.
Original Story https://www.cnbc.com/2024/09/26/stock-market-today-live-updates.html
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