U.S. stock indexes rose slightly during a calm trading day, setting new records on Monday. After last trading week of setting new records and rejoicing the cut in interest rate announced by the Federal Reserve Chairman, Jerome Powell. The interest rate was slahed down by 50 basis points, or 0.5 percentage points.
The market showed positive movement after receiving the much anticipated gift of the interest rate cut. All marquee indices zoomed to high levels.
The S&P 500
The S&P 500 surpassed its record set on Thursday, rising 16.02 points, amounting to 0.3 per cent, to 5,718.57. The S&P 500 set a new life high level of 5,725.36 points. The index was trading in green after the Federal Reserve announced it's decision.
The day of the federal reserve announcement wasn't strong enough to push it to an all-time high level, which eventually was broken on the first trading session of this week.
The S&P 500 rang the opening bell at 5,711.90 points, after opening in the green territory, the index went on to touch the day-low level of 5,704.22 points. The later half of Wall Street saw the S&P 500 break through the previous high level and record a new life high of 5,725.36 points.
Dow Jones Industrial Average
The Dow Jones opened at 42,060.40 points, 3 points in negative territory compared to the closing level of 42,063.36 points in the previous trading session.
The index quickly rose to a day high level of 42,190.05 points in the opening hour of the trading session.The Dow Jones Industrial Average closed at 42,124.65, up 61.29 points, amounting to 0.1 per cent, from its own all-time high, which it had set on Friday.
At 17,974.27, the Nasdaq composite increased by 25.95, amounting to 0.1 per cent.
Economic data in this week
Later in the week, a number of economic reports may provide additional context regarding the state of the US economy. The final estimate for the growth of the US economy in the spring will be released on Thursday, and the amount that US consumers are spending will be examined on Friday.
Wall Street is now prioritising these reports, especially those related to employment, as the primary concern is a potential slowdown in the job market. This is a significant change from previous years, when Wall Street was preoccupied with anything having to do with inflation.
