S&P 500 Hits 20th Record This Year in Risk-On Push: Markets Wrap
- Stocks extend 2024 rally on Wall Street’s ‘soft landing’ hopes
- Latest housing and manufacturing data show economic strength
This article is for subscribers only.
The relentless rally in stocks powered ahead on optimism the Federal Reserve will be able to engineer a soft landing, which would bolster the outlook for corporate earnings.
A fresh bout of risk-taking drove the S&P 500 to its 20th record this year, led by gains in industrials and banks. Not even losses in a pair of megacaps — Apple Inc. and Alphabet Inc. — curbed the market momentum. The Nasdaq 100 also hit an all-time high, buoyed by Micron Technology Inc.’s outlook. Reddit Inc. soared in its debut.