HomeFinancial MarketsS&P 500 Hits New Record as Dow Surges

S&P 500 Hits New Record as Dow Surges

Traders work on the floor of the New York Stock Exchange on Wall Street in New York City in 2022
Traders work on the floor of the New York Stock Exchange on Wall Street in New York City in 2022. Photo by John Angelillo/UPI/Shutterstock (13662697b)
Tommy R
By Tommy R

Stocks on the New York Stock Exchange surged on Wednesday to recover from several days of declines. The S&P 500 surged by 0.8% to close at a new record high of 5,248.50. The Dow Jones Industrial Average skyrocketed by 1.2% while the tech-heavy Nasdaq Composite gained 0.5%.

2024 has proven to be a prosperous year for the benchmark S&P 500, with the index closing at record highs on 20 occasions so far this year. The index remains on track to reach its fifth consecutive monthly gain.

Investor confidence, and therefore the trajectory of stocks going forward is expected to be guided by further economic data set to be released later this week. The Personal Consumption Expenditures (PCE) price index is set to be released on Friday. Known as the Federal Reserve’s preferred inflation measure, the PCE is expected to influence the central bank’s monetary policy trajectory.

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