New York, July 6, 2024 – US stocks ended Friday (July 5) on a high note, with the S&P 500 and Nasdaq Composite indexes reaching record closing highs. Investors were buoyed by a report showing a cooling labor market, which suggests that the Federal Reserve (Fed) may be more likely to ease monetary policy in the near future.
Record-Breaking Closes:
- S&P 500: Up 0.54% to 5,567.19, marking its 34th record close of the year.
- Nasdaq Composite: Gained 0.90% to 18,352.76, reaching a new all-time high.
- Dow Jones Industrial Average: Added 67.87 points, or 0.17%, to close at 39,375.87.
Positive Trend:
- The S&P 500 is up 16.7% year-to-date and has recorded four positive weeks out of the past five.
- The Nasdaq has gained 22.3% since January.
- All three major US indexes ended the week in positive territory: the Nasdaq up 3.5%, the S&P 500 up 2%, and the Dow Jones up 0.7%.
Reasons for the Rally:
- Investors are betting that the Fed will cut interest rates later this year in response to a weakening US economy in the latter months.
- The cooling labor market report suggests that the Fed may not need to raise interest rates as aggressively as previously thought.
- Positive earnings reports from companies are also contributing to the upbeat mood in the market.
Conclusion:
US stock markets are in a strong upward trend, and investors are eagerly awaiting the Fed’s next move on monetary policy. Easing monetary policy is expected to continue to support stock market growth in the coming months.
Table: US Stock Market Performance
| Index | Closing Value | Change | Year-to-Date Change |
|---|---|---|---|
| S&P 500 | 5,567.19 | +0.54% | +16.7% |
| Nasdaq Composite | 18,352.76 | +0.90% | +22.3% |
| Dow Jones Industrial Average | 39,375.87 | +0.17% | +9.3% |
