A rate cut is almost certain, according to analysts polled by Reuters. A rate cut is also seen as a boost for small-cap and industrial stocks that are more dependent on borrowing costs. The Russell 2000 index, which aggregates smaller companies, rose 3.4% and is on track for its fifth consecutive day of gains, hitting highs since late 2021. The Russell 2000’s five-day performance has not been so much better than the Nasdaq 100’s since 2011.
The day was especially positive for the
Dow Jones industrial average, which climbed 755 points and had its best session in over a year, recording a rise of 1.85% to 40,954.48 points at the close. In addition, it reached intraday records and reached 40,988.81 points.The S&P 500 also broke new records, both intraday and closing, reaching 5,669.67 and 5,667.20 points, respectively, ending the session up 0.64%.
The Nasdaq Composite index rose 0.20% to 18,509.34 points, as technology stocks — which have so far led the 2024 rally — were left out of Tuesday’s gains.
Among the main market movements, Nvidia and Microsoft slipped 2% and 1%, respectively, increasing last week’s losses. Also in technology, Meta Platforms and Google fell more than 1%.
Bank of America rose 5.30% after announcing an increase in net revenue by the end of the year.
Source: www.jornaldenegocios.pt
