S&P 500 ekes out record closing high; declines briefly after Powell

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NEW YORK: The S&P 500 sputtered to a record high close on Monday, rebounding from a brief setback after Federal Reserve Chair Jerome Powell said the U.S.central bank is in no hurry to implement further interest rate cuts.

Quincy Krosby, chief global strategist at LPL Financial in Charlotte, North Carolina, noted that the Fed will have much more data to review before its November meeting.

The Fed earlier this month began a new easing cycle with a large 50 basis point rate cut.

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Category: EconomyBusiness

Markets: Malaysia

Topics: Nasdaq Markets Interest rate Federal Reserve /Business/Business News Jerome Powell

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-01 @ 07:42:00 (7 hours ago)

News Timezone: GMT +8:00

News Source URL: thestar.com.my

Language: English

Article Length: 530 words

Reading Time: 3 minutes read

Sentences: 20 lines

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News ID: 22816684

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Main Topics: EconomyBusiness

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