Tags: financial markets | s&p 500 | nasdaq | record

S&P 500, Nasdaq Hit 3rd Straight Record Closing Highs

S&P 500, Nasdaq Hit 3rd Straight Record Closing Highs
(AP)

Wednesday, 12 June 2024 04:08 PM EDT

The S&P 500 and Nasdaq posted record closing highs for a third straight day Wednesday after consumer prices data came in softer than expected but the indexes ended off the day's highs as the Federal Reserve projected only one interest rate cut this year.

The U.S. central bank, in a statement at the end of its June 11-12 meeting, said it left its policy rate unchanged at 5.25%-5.5%, as expected.

Stocks were choppy following the news, with the S&P 500 and Nasdaq paring gains late and the Dow finishing near flat.

"The Fed is acting like a CEO, sandbagging rate cut expectations down to one or two cuts but likely going to beat them later this year with two or more," said Gene Goldman, chief investment officer at Cetera Investment Management in Los Angeles.

Stocks rallied as the session opened, after the Labor Department reported that U.S. consumer prices were unexpectedly unchanged in May amid cheaper gasoline.

Oracle shares jumped, lifting the market, after the company forecast double-digit revenue in fiscal 2025 after the bell on Tuesday.

According to preliminary data, the S&P 500 gained 45.62 points, or 0.85%, to end at 5,421.14 points, while the Nasdaq Composite rose 266.44 points, or 1.54%, to 17,609.99. The Dow Jones Industrial Average fell 31.90 points, or 0.08%, to 38,715.52.

After the Consumer Price Index report, traders boosted bets that the Fed will cut rates by September. Traders also added to bets on a second Fed rate cut by December.

Apple's shares climbed, extending recent gains.

© 2025 Thomson/Reuters. All rights reserved.


StreetTalk
The S&P 500 and Nasdaq posted record closing highs for a third straight day Wednesday after consumer prices data came in softer than expected but the indexes ended off the day's highs as the Federal Reserve projected only one interest rate cut this year.
financial markets, s&p 500, nasdaq, record
253
2024-08-12
Wednesday, 12 June 2024 04:08 PM
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