The Dow Jones and S&P 500 hit record highs last week. There were two key economic drivers that extended the post rate cut rally.
Key points The Dow Jones and S&P 500 hit record highs last week. There were two key economic drivers that extended the post rate cut rally. Attention turns this week to the nonfarm payrolls report on Friday. The major large cap indexes were up last week, but the Russell 2000 finished the week slightly lower. Will the momentum continue this week? The major large cap indexes gained for the third straight week, with the Dow Jones and S&P 500 reaching record highs last week.
The PCE, which is the Fed’s preferred gauge to track price movements, was better than the 2.3% rate that economists had expected. At 2.2%, the inflation rate is the lowest since February 2021 and is close to the Fed’s target of 2% annual inflation. Both of these reports were good news for the markets, but the news had largely already been priced in.
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