The S&P 500 and the Nasdaq Composite closed at fresh records on Thursday.
During Thursday's trading session, the broad market index gained 0.7% to close at a new record. The tech-heavy Nasdaq jumped 1.5% and ended the session above 19,000 for the first time. Meanwhile, the 30-stock Dow was marginally lower. The three major averages all hit intraday record highs during the session.
The moves higher continue the market rally from Wednesday in the wake of President-elect Donald Trump's victory, during which the Dow and S&P 500 rose to their best days since November 2022. Meanwhile, the Fed lowered interest rates by a quarter point, in-line with traders' expectations. Fed Chair Jerome Powell noted he is"feeling good" about the economy during a press conference
However,"the path of Fed cuts is cloudier today than it was a week ago before the election," said Scott Helfstein, head of investment strategy at Global X ETFs. Investors generally view a Republican-controlled government as more favorable on expectations for deregulation, the potential for more mergers and acquisitions and proposed tax cuts. However, concerns over the large federal deficit and increased tariffs have also sparked concerns of an uptick in inflation."The market is signaling that a Trump administration would be good for growth and risk assets, but the combination of faster growth with new tariffs would be inflationary," he added.
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