The S&P 500 and Nasdaq rose Thursday, extending Wall Street’s rally in the wake of President-elect Donald Trump’s victory, as traders weighed the latest rate cut from the Federal Reserve.
The S&P 500 and Nasdaq rose Thursday, extending Wall Street’s rally in the wake of President-elect Donald Trump’s victory, as traders weighed the latest rate cut from the Federal Reserve. The S&P 500 gained 0.74% to close at a record high of 5,973.10. The Nasdaq Composite advanced 1.51% to reach 19,269.46 — its first close above 19,000. The Dow Jones Industrial Average was little changed, ticking down less than one point to 43,729.34.
Markets should not expect supersized rate cuts unless the economy turns south and doesn’t look at all likely for a while,” said Jamie Cox, managing partner for Harris Financial Group. Wall Street generally expects that the second Trump administration will be good for risk assets like stocks, thanks in part to his proposed tax cuts. However, the prospect of continued large government deficits and higher tariffs has raised some worries about a rebound in inflation.
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