Business
Jun 13, 2024, 10:00 AM
Jun 11, 2024, 12:00 AM
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Stocks surge as hope for interest rate cuts boost Wall Street

stock market public entity for the trading of company stocks and shares Federal Reserve System central banking system of the United States
Highlights
  • U.S. stock market hits a new record high on hopes of interest rate cuts by the Federal Reserve.
  • Wall Street climbs as investors are encouraged by positive inflation data and Fed's commitment to potential rate cuts.
  • The outlook for interest rates drives market optimism and leads to a surge in stock prices.
Story

U.S. stocks climbed on Wednesday after positive news on inflation and reassurance from the Federal Reserve about potential interest rate cuts. The S&P 500 and Nasdaq reached new highs, while the Dow Jones lagged slightly. Treasury yields dropped as consumer prices rose by 3.3%. The Fed is considering rate cuts based on inflation data and economic indicators. Powell emphasized the importance of data in decision-making. The Fed projects one or two rate cuts this year and increased forecasts for 2025. Stocks that benefit from lower rates performed well, with Nvidia and Apple leading the way.

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