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Indonesia News Portal for Traders | Financial & Business Updates

8 November 2024 23:52  |

S&P 500, Dow set for best week this year on Trump win, rate cut

The S&P 500 and the Dow edged higher on Friday, putting them on course for their best week this year, as a sweeping Trump victory powered bets of a business-friendly agenda and an expected interest-rate cut eased pressure on the U.S. economy.

Expectations of lower corporate taxes and looser regulations under Republican Donald Trump helped the S&P 500 and Dow notch intraday record highs for the third straight session.

The benchmark index crept close to the 6,000 mark as the upbeat market sentiment got a further boost from the Federal Reserve cutting the benchmark rate by 25 basis points on Thursday.

The Dow and the S&P 500 are set for their best week since last November, while the Nasdaq is on track for its best in two months and second-best week in 2024.

The small cap Russell 2000 rose 0.2% on the day, also set for its best week since last November.

Source: Reuters

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