Stocks surge to record highs on positive economic data and Fed rate cut plans

From Nasdaq: 2024-06-18 09:30:00

U.S. stocks surged on Monday, with the S&P 500 and Nasdaq reaching record highs as investors eagerly awaited economic data. The Dow Jones rose 0.5%, the S&P 500 gained 0.8%, and the Nasdaq climbed 1%. Tech stocks were the major gainers, with sectors like XLK and XLY advancing.

Investors displayed confidence after positive economic data and the Fed’s rate cut plans. Megacap tech stocks like Apple and Microsoft extended their rally. Economic data to be released this week includes retail sales, industrial production, and housing starts. Federal Reserve officials will also make statements this week.

Philadelphia Fed President Patrick Harker mentioned a potential interest rate cut this year. Markets will be closed on Wednesday for the Juneteenth holiday. No major economic data was released on Monday. Engagement is high as investors await further economic indicators and Fed comments.

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Read more at Nasdaq: Stock Market News for Jun 18, 2024