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