Stocks Up as This Week’s Rally Tops $1.3 Trillion: Markets Wrap
- US producer prices rise slightly after downward revisions
- ECB cuts rates again as inflation fades and economy stumbles
This article is for subscribers only.
A rally that’s already added over $1.3 trillion to the S&P 500 this week powered ahead as the latest economic data did little to alter bets on a series of Federal Reserve rate cuts.
Every major group in the US equity benchmark rose, with both mega and small caps outpacing the broader market. In late hours, Adobe Inc. tumbled on a disappointing revenue outlook. Treasuries saw small moves. Swap contracts priced in slightly higher odds of a half-point Fed reduction next week after a Wall Street Journal report said policymakers were considering whether to cut by 25 or 50 basis points.