Stocks hit record highs on Fed rate cut hopes

From Nasdaq: 2024-05-16 12:57:19

US stocks are higher today, hitting record highs on speculation of Fed rate cuts. Weekly initial unemployment claims fell, but housing starts and manufacturing production were weak. Dovish comments from Fed officials supported stocks. Retailers like Walmart and tech companies like Trade Desk see gains. Deere & Co. cuts profit forecast, homebuilders slump. Biogen falls after terminating ALS treatment. Meta Platforms under EU probe. Earnings reports today include Walmart and Deere & Co.



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