Fed’s “Dovish Touch” Helped S&P 500 and Dow Jones to Overcome Doldrums: What’s Next?
The S&P 500 ended the week up 2.49% at 4,719.19 on Friday, posting gains in four of five sessions. Meanwhile, the SPDR S&P 500 Trust ETF (SPY) is up 1.98% for the week.
Wall Street clearly returned to advancement past week after the Federal Reserve surprised investors with its long-awaited shift in monetary policy. In its final monetary policy decision of the year, the central bank kept interest rates unchanged on Wednesday. What's more, the updated dot plot points to at least three rate cuts in 2024, with Chairman Jerome Powell not living up to the market's dovish expectations.
The shift in the Fed's tone helped extend a rally that began in late October. The Dow Jones Industrial Average topped 37,000 for the first time on Wednesday. The blue-chip index ended the week with a record closing high of 37,309 and hit an all-time intraday high of 37,347.60 on Friday. Meanwhile, the S&P 500 is just 77 points below its all-time closing high and 99 points below its intraday peak. Let’s stay tuned for more positive records!
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