Dow notches record closing high, small caps surge

Quick Summary:

Wall Street stocks rose and the Dow Jones Industrial Average hit an all-time closing high on Tuesday after US retail sales data supported the view that the Federal Reserve is approaching its easing cycle, reining in inflation while avoiding a recession.

The Dow rose 742.76 points, or 1.85%, to 40,954.48, the S&P 500 gained 35.98 points, or 0.64%, at 5,667.2 and the Nasdaq added 36.77 points, or 0.2%, at 18,509.34.

This provided reassurance that consumer spending, which accounts for about 70% of the US economy, has stayed resilient despite restrictive monetary policy, and eased fears that high interest rates could tip the economy into recession.

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Article Details

Category: EconomyBusiness

Markets: Malaysia

Topics: DowJones InterestRates SmallCaps EconomicGrowth Markets /Business/ RetailSales WallStreet

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-07-17 @ 07:09:00 (2 hours ago)

News Timezone: GMT +8:00

News Source URL: thestar.com.my

Language: English

Article Length: 661 words

Reading Time: 4 minutes read

Sentences: 25 lines

Sentence Length: 27 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © The Star

News ID: 21657836

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Main Topics: EconomyBusiness

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