Stocks on Wall Street reached new highs on Wednesday as the S&P 500 and Dow Jones Industrial Average continued their record-setting rally. The S&P 500 rose by 0.3% to finish at 5,241, fueled by investor optimism following signals from the Federal Reserve that it will delay rate cuts.
The Fed’s announcement of a potentially slower pace of rate cuts in 2024 eased concerns about borrowing costs not being as low as expected. This news helped push gold to a record high above $2,200 an ounce, as investors sought safe-haven assets amid the uncertainty.
In another notable move, the Swiss National Bank lowered interest rates, making it the first central bank to step back from its accommodative policy stance. This move boosted confidence in the global economy and reinforced the positive sentiment in the markets.
Meanwhile, Reddit made a strong debut on the New York Stock Exchange, with the social media platform’s shares jumping nearly 50% from its initial public offering price. This successful launch added to the upbeat mood on Wall Street.
However, not all tech stocks fared well on Wednesday. Apple shares tumbled more than 4% after news broke that the tech giant was facing an anti-trust lawsuit from the Department of Justice. This legal challenge added a touch of uncertainty to an otherwise bullish day in the markets.
Overall, the day’s events reflect the ongoing optimism among investors, driven by the Fed’s reassurances and positive market dynamics. The record-breaking rally on Wall Street shows no signs of slowing down, as stocks continue to climb to new heights. Stay tuned to Road Rug Cars for more updates on the latest market developments.
