Pia Singh is an associate reporter covering markets and investing trends for CNBC.com and CNBC Pro. She previously reported for The Wall Street Journal. Pia is a graduate of the University of Pennsylvania, where she was the Executive Editor of The Daily Pennsylvanian.
The S&P 500 rose to a new high on Friday, posting a record close as the latest jobs report reignited hopes for rate cuts from the Federal Reserve. The broad market index advanced 0.54%, closing at 5,567.19, while the Nasdaq Composite gained 0.90% to end at 18,352.76. Both indexes reached all-time highs during the session and ended at records, with the S&P 500 registering its 34th record close in 2024. The Dow Jones Industrial Average added 0.17%, or 67.87 points, ending at 39,375.87.
Investors hiked their bets on a September interest rate cut, with odds of a quarter-point cut increasing to about 77%, up from 64% a week ago, according to the CME Group’s FedWatch Tool. “On one hand, the downward revisions to prior months and the rise in the unemployment rate raises the odds of a September Fed rate cut — bond markets are certainly celebrating this,” said Seema Shah, chief global strategist at Principal Asset Management.
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