S&P 500 Hits 30th Record of 2024 as Megacaps Rally: Markets Wrap
- Home Depot’s jumbo bond sale leads slew of US debt issuers
- Traders gearing up for Tuesday’s retail sales and Fed speakers
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A rally in several large technology companies drove stocks to all-time highs, with some prominent Wall Street strategists rushing to boost their targets even as many hedge funds grow increasingly cautious.
The S&P 500 hit its 30th record this year, defying concerns about narrow breadth that could make the market more vulnerable to surprises. As traders geared up for retail-sales data and a slew of Federal Reserve speakers, Treasuries fell amid a flurry of high-grade corporate bond sales that exceeded $21 billion, led by Home Depot Inc. That’s ahead of Wednesday’s holiday.