Benchmark S&P 500 jumps, Nasdaq rallies above 20,000

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Wall Street's benchmark S&P 500 index rose on Wednesday and a rally in tech stocks lifted the Nasdaq above the 20,000-point milestone for the first time, after a US inflation report boosted expectations of a Federal Reserve interest rate cut.

Markets are pricing in more than a 96% chance the Fed will cut rates by 25 basis points next week, up from an 86% chance before the data, according to CME's FedWatch Tool.

The Dow fell 99.27 points, or 0.22%, to 44,148.56, the S&P 500 gained 49.28 points, or 0.82%, to 6,084.19 and the Nasdaq gained 347.65 points, or 1.77%, to 20,034.89.

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Category: EconomyBusiness

Markets: Malaysia

Topics: USInflation Markets TechRally /Business/ NasdaqMilestone EquityGains FedRateCut

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-12-12 @ 06:42:00 (4 hours ago)

News Timezone: GMT +8:00

News Source URL: thestar.com.my

Language: English

Article Length: 578 words

Reading Time: 4 minutes read

Sentences: 21 lines

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Copyright Owner: © The Star

News ID: 24363884

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