The Nasdaq sees strongest week since June
US major indices extended gains fueled by optimism surrounding rate cuts in 2024
The Dow Jones and S&P 500 achieving a 3-week winning streak, driven by optimism about potential Federal Reserve interest rate cuts.
The S&P 500 extended its rally, closing above 4,500 for the first time since August.
The euro and China's yuan strengthened, and the sterling reached a two-month high on hawkish remarks from BOE governor Andrew Bailey.
Stocks are on the rise amid optimism that the Federal Reserve could potentially lower interest rates in response to indications of easing inflation Wall Street ended a good session overnight with the Dow Jones and the S&P 500 achieving a 3-week winning streak.
The S&P 500 extended its rally, marking its first close about the key 4,500 level since August.
Investors will be on the watch for the FOMC meeting minutes later tonight.
Oil prices declined slightly from yesterday’s peak of $78.40 for WTI, ahead of the OPEC+ meeting scheduled for this Sunday, where markets anticipate that the group may announce the extension of supply cuts to 2024.
Both benchmarks had jumped almost 2% yesterday on supply cut optimism. Traders will be focusing on the API crude stockpile report later in the day.
The euro climbed to its highest level since mid-August, reaching $1.0966, China’s yuan also hit 4-month highs near 7.12 per dollar as China stimulus optimism persisted in the market.
The sterling hit a two-month high near 1.25 after hawkish remarks from BOE governor Andrew Bailey saying that “it's too early to be thinking about rate cuts” in the UK.