S&P 500 Rises as Wall Street Looks to Build on Last Week's Momentum
The S&P 500 rose slightly Monday after excitement over last week's interest rate cut propelled stocks to a record-high levels.
The broad market index added 0.21%, while the Nasdaq Composite traded higher by 0.27%. The Dow traded near the flatline.
The moves come after a winning week on Wall Street that centered around the Federal Reserve's decision to lower interest rates by 50 basis points, its first cut in four years. Despite some choppiness following the initial announcement, stocks rallied in the days following.
The Dow ended Friday at an all-time high close, which was notably above 42,000. All three of the major indexes added more than 1% for the week, during which the S&P 500 also reached new records.
To be sure, stocks still will remain especially vigilant toward any economic data that could push back against hopes for a soft landing, according to Thornburg Investment Management portfolio manager Brian Burrell.
Source : CNBC
