S&P 500 closes at record high for first time in two years
CNN
The S&P 500 index closed Friday at a record high, fueled by surging tech stocks and bets that the Federal Reserve will cut interest rates this year.
The S&P 500 index closed Friday at a record high, fueled by surging tech stocks and bets that the Federal Reserve will cut interest rates this year. The benchmark index closed at 4,839.81, besting its previous high of 4,796.56, reached on January 3, 2022. Earlier in the trading session, the S&P 500 reached an intraday high of 4,832.17, topping its previous intraday high of 4,818.62, reached more than two years ago, on January 4, 2022. After a rocky start to the year, the S&P 500 has found its footing and is up about 1.5% in 2024. The benchmark index jumped 24% in 2023, with stocks rallying powerfully at year end as optimism grew that the Fed could achieve a soft landing, or tamp down inflation without triggering an economic downturn. The Fed projected three rate cuts in 2024 at its last policy meeting of 2023, marking an unexpected turning point in its aggressive crusade against inflation. The central bank also kept rates on hold for the third straight time and signaled that it might be done raising rates.
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