Posted on 01/19/2024 2:39:23 PM PST by JSM_Liberty
The S&P 500 index closed Friday at a record high, fueled by surging tech stocks and bets that the Federal Reserve will cut interest rates this year.
The benchmark index closed at 4,839.81, besting its previous high of 4,796.56, reached on January 3, 2022.
Earlier in the trading session, the S&P 500 reached an intraday high of 4,832.17, topping its previous intraday high of 4,818.62, reached more than two years ago, on January 4, 2022.
Tech stocks led the trading session’s gains, with the S&P 500’s information technology sector gaining 2.4% on Friday.
Shares of AI darlings soared. Nvidia shares jumped 4.2% to $594.51, a new record close, and Meta Platforms also closed at a record high, rising 2% to $383.45.
The blue-chip Dow Jones Industrial Average index also hit a new high, adding 1.1% to close at 47,863.83.
After a rocky start to the year, the S&P 500 has found its footing and is up about 1.5% in 2024.
The benchmark index jumped 24% in 2023, with stocks rallying powerfully at year end as optimism grew that the Fed could achieve a soft landing, or tamp down inflation without triggering an economic downturn.
The Fed projected three rate cuts in 2024 at its last policy meeting of 2023, marking an unexpected turning point in its aggressive crusade against inflation. The central bank also kept rates on hold for the third straight time and signaled that it might be done raising rates.
Treasury yields spiked after falling sharply over the past few months, with the yield on the 10-year note edging above 4%.
The 2-year yield is 4.41%, up from last Friday’s close of 4.14%, according to Tradeweb. That’s its highest level since mid-December 2023.
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(Excerpt) Read more at cnn.com ...
This is the grand finale of the great bull market that started in 1932.
Again?
Meanwhile, back in middle America….
So.....?
Buy, hold or sell?
Now or in June or the end of October?
The trillions of dollars in money created out of thin air has to go somewhere.
That being said, when the market crashes, it is going to be a big crash.
CNN needs better editors ... the DJIA closed at 37,863.80 not 47,863.83.
Trump’s numbers from Iowa give some hope?
If it closed at 47,863, I could retire today, LOL!
This happened because the Fed engineered a “soft landing” and there will be no further inflation and no recession/s
Rate cuts in 2024=Bull Market!
My 401-k says thank you.
It is an election year
How does this happen when the economy sucks?
Presidential Election years are bullish.
Sappy Days are here again!
Would a graph of S&P show a sawtooth with peaks at election years?
That’s my conclusion...and I invest for a living.
*My 401k says thank you.*
I’m smarter than U. I thank Biden even though the S & P doesn’t care who’s in the WH. Guess who I’m voting for?
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