Traders work on the floor of the New York Stock Exchange during morning trading on November 7, 2024 in New York City.
Michael M. Santiago | Getty Images
Stocks rose slightly on Thursday to record highs, following a strong market rally following Donald Trump's decisive victory in the presidential election. Traders are also awaiting the Federal Reserve's interest rate decision on Thursday afternoon.
of S&P500 It increased by 0.6%. of Nasdaq Composite It advanced by 1.2%. of Dow Jones Industrial Average Little had changed. The average of the three major stocks hit a new intraday high in morning trading.
Trump's victory in the White House race spurred a surge in stocks on Wednesday, drawing blue chips. Dow Increased by over 1,500 points. The S&P 500 rose 2.53%, its best day since the election.
“The results are in and financial markets can feel a little more at ease without worrying about a prolonged election process,” said Scott Helfstein, head of investment strategy at Global XETF. “Investors should continue to be wary of overreactions or underreactions to geopolitical news. Such events can typically cause large swings in asset prices, but over time fundamentals will win out. .”
Financial stocks, which soared on Wednesday, cooled slightly on Thursday. shares of JP Morgan Chase 2% down; american express The stock fell 1.7%, weighing on the Dow.
Big tech stocks rise; apple and Nvidia Each has a profit of more than 1%.
Market participants on Thursday will closely monitor the Fed's interest rate decision and Powell's subsequent press conference. Federal funds futures are currently pricing in a 100% chance that the central bank will lower borrowing costs at this meeting, the paper said. CME Group's Fed Watch Tool.
Richard Flynn, managing director at Charles Schwab UK, said: “It is difficult to say whether this easing will continue in the coming months until the post-election dust settles and the impact on inflation and currencies becomes clearer.” said. “But in the short term, today's announcement will give investors some clarity on the outlook after a week of market-moving events.”
Thursday's rate cut marks the second consecutive rate cut, following the Fed's first rate cut in September since 2020.
