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S&P 500 resets record high on interest rate bets

All three US benchmarks powered higher, bolstered by enthusiasm over the prospect of interest rate cuts after data this week showed that inflation was cooling faster than expected. Gains were checked by results from three major banks, which disappointed for different reasons.

The S&P 500 was 0.6 per cent higher to 5615.35 at the close; it earlier reset its record at 5655.56. The Dow reclaimed the 40,000 point mark. The Nasdaq Composite was 0.6 per cent higher. All three indices pared their gains in the final half hour ahead of the weekend.

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Timothy Moore writes on equities, commodities and monetary policy. He writes Before the Bell and contributes to the Markets Live blog. Connect with Timothy on Twitter. Email Timothy at timothy.moore@afr.com

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    Original URL: https://www.afr.com/markets/equity-markets/s-and-p-500-rebounds-to-record-high-on-rate-bets-20240713-p5jtcj