Tuesday saw Wall Street set yet another record high, despite the fact that the main stock indexes barely moved following a dull trading day. It took just a day for the Dow Jones Industrial Average to reach its second all-time high, up 9 points. The index has been rising for the past eight days.
After fluctuating between minor gains and losses for the majority of the day, the benchmark S&P 500 and Nasdaq composite both ended the day 0.2 per cent higher.
Dow jones performance
The Dow Jones industrial average opened at 41,186.28 points on Wall Street and touched a day high of 41,271.75 points. The record 52-week high level of 41,420.05 points was recorded one day after the previous record level of 41,240.52 points was seen on the wall street.
The Dow Jones industrial average was trading around 41,250.50 points at the closing bell.
S&P 500 movement
The S&P 500 shuttered at 5,625.80 points on the stock exchanges. The index opened at 5,602.89 points, touching a day high level of 5,631.18 points.
The index has recorded a 52-week high level of 5,669.67 points on July 16, 2024, and a lifetime high level of 5,669.67 on the same day as 52 -week high level. The benchmark S&P 500 is currently 0.8 per cent away from the record high it reached this past month.
Important event in this week
This week's most important report for investors is the PCE, or personal consumption and expenditures report, which the government will release on Friday along with its most recent inflation statistics. It is the preferred inflation indicator used by the Federal Reserve.
Fed Chair Jerome Powell gave a clear indication on Friday that the bank intends to begin reducing its benchmark interest rate, which is currently at a record high of two decades. To bring inflation back to the target of 2 per cent; the Fed increased interest rates. It has been difficult to make the last push to the goal.
The Federal Reserve has been attempting to control inflation by reducing economic growth, but not to the point where a recession is brought on. Its concerns no longer have the same dynamics.
