Wall Street closed sharply higher with all major indices up, positive market sentiment prevails.

From Nasdaq: 2024-08-26 09:18:00

Wall Street closed sharply higher on Friday with the Dow Jones rising 462.30 points, Nasdaq up 258.44 points, and S&P 500 climbing 63.97 points. Fed Chair Jerome Powell’s dovish comments boosted investor confidence. All 11 sectors of the S&P 500 closed in the green, signaling a positive market sentiment.

The fear-gauge CBOE Volatility Index (VIX) dropped 9.6% to 15.86 as 10.6 billion shares were traded on Friday. Market participants anticipate a series of rate cuts as Fed Chair Powell hinted at adjusting policies due to increasing inflation and reduced job growth risks. Tech and discretionary stocks led the market rally.

Following a big weekly advance, the Dow Jones, Nasdaq, and S&P 500 all posted gains for the week. Economic data showed an increase in July new home sales to 739,000, signaling growth in the construction sector. The positive market sentiment and strong economic data have set the stage for continued market growth.

A major infrastructure stock boom is expected in the U.S. with trillions set to be spent on rebuilding. Zacks released a Special Report highlighting 5 companies poised to benefit from this spending. Investors should consider early investment in these companies to capitalize on the massive infrastructure development opportunities.



Read more at Nasdaq: Stock Market News for Aug 26, 2024