Dow hits all-time high on optimism about Fed policy, major indices see gains.

From New York Post: 2024-07-12 13:09:07

The Dow reached a record high due to optimism about the Federal Reserve easing monetary policy. The S&P 500 and Nasdaq also saw gains. JPMorgan Chase’s second-quarter profit rose, but shares dipped. Wells Fargo and Citigroup reported mixed results. Analysts are hopeful for strong profit growth from companies beyond tech giants.

Data showed slightly higher-than-expected producer prices, but bets remain on a rate cut in September. Traders predict a 94.4% chance of a rate cut by September. The Dow, S&P 500, and Nasdaq were heading for weekly gains. Megacap stocks, including Apple and Meta Platforms, had mixed performances. Tesla rebounded after a slide due to a reported robotaxi launch delay.



Read more at New York Post: Dow hits all-time high as it zips through 40K for first time since May