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| Name | Stock market today: S&P 500, Nasdaq hit fresh highs as stocks head into holiday with a bang |
| Video Uploader | Video From Yahoo Finance |
| Upload Date | This Video Uploaded At 03-07-2024 17:46:50 |
| Video Discription | Stocks ended Wednesday's holiday-shortened session on a high note with both the S&P 500 and Nasdaq notching fresh records following weak economic data that fueled investor optimism for a September rate cut. The S&P 500 (^GSPC) rose about 0.5% to hit a new high of 5,537 after the benchmark ended Tuesday above 5,500 for the first time. The tech-heavy Nasdaq Composite (^IXIC) also moved higher, finishing the day up around 0.9%, while the Dow Jones Industrial Average (^DJI) dropped roughly 0.1%. The moves come ahead of the stock market's shutdown on Thursday to mark the Independence Day holiday. Weak economic data released Wednesday cemented hopes for an interest-rate cut after the US services sector contracted in June at the fastest pace in four years. Meanwhile, private-sector job creation slowed for a third straight month with the US adding just 150,000 new jobs in June, below the 165,000 Wall Street had expected. Pay gains for both job stayers and job changers also slowed. Traders are now pricing in 74% odds of a move lower in September, according to CME's FedWatch tool. Yields also dropped on the results with the 10-year (^TNX) Treasury yield falling roughly 8 basis points to trade near 4.35%. In other employment news, jobless claims inched up but remained at historic lows. According to the Labor Department, jobless claims for the week ending June 29 rose by 4,000 to 238,000. The data comes just ahead of the key June jobs report release on Friday. #stocks #inflation #YahooFinance #recession #bitcoin #Biden #Stockmarket #coronavirus #memestocks #Fed #YahooFinance #investing #stockmarket #crypto To get the latest market news check out finance.yahoo.com |
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