Stock Bull Run Breaks Record on Fed Decision Day: Markets Wrap
- S&P 500 tops 5,400 amid bets on at least two Fed cuts in 2024
- That’s even after a more-conservative outlook from officials
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Stocks hit fresh all-time highs as the Federal Reserve did little to alter Wall Street’s bets that interest rates will drop at least twice in 2024 — even after the central bank’s more-conservative outlook.
The S&P 500 topped 5,400 for the first time in its history, with Wednesday marking the 20-month anniversary of the bull market. While Treasury yields did pare their slide after the central bank decision, Fed swaps are still pointing to rate cuts in both November and December. The dollar retreated against all of its developed-world counterparts.