Dow up 0.55%… New record high in one day
S&P500 ↑1.01%, Nasdaq ↑1.13%
[뉴욕=AP/뉴시스] On the 30th (local time), the New York Stock Exchange closed higher across the board. The Dow Jones Industrial Average hit a new all-time high, and the Standard & Poor’s (S&P) 500 index continued its upward trend for the fourth consecutive month. The photo shows the NYSE sign on the New York Stock Exchange (NYSE) in New York, USA, on February 22 last year. 2023.11.01. *Resale and DB prohibited *Resale and DB prohibited
[서울=뉴시스]Reporter Park Gwang-on = On the 30th (local time), the New York stock market closed higher across the board. The Dow Jones Industrial Average hit a new all-time high, and the Standard & Poor’s (S&P) 500 Index continued its upward trend for the fourth consecutive month.
This is because the personal consumption expenditures (PCE) price index, which the U.S. Federal Reserve (Fed) monitors as inflation data, is in line with market expectations, further increasing expectations of a rate cut.
According to the American economic media outlet CNBC, the Dow Jones Industrial Average on the New York Stock Exchange (NYSE) closed at 41,563.08, up 228.03 points (0.55%) from the previous day.
Following the previous record closing of 41,335.05 the previous day, it surpassed the previous record in just one day.
The S&P 500 index, which is centered on large-cap stocks, closed at 5,648.40, up 56.44 points, or 1.01%. This marked the fourth consecutive month of gains for the index.
The tech-heavy Nasdaq index closed at 17,713.62, up 197.19, or 1.13%.
The PCE price index rose 0.2% in July from the previous month and 2.6% from a year earlier, matching the estimates of economists surveyed by Dow Jones.
The core PCE price index, excluding food and energy, also rose 0.2% from the previous month, meeting market expectations.
The Fed is watching the data closely, and it could influence policymakers’ rate decisions in September, CNBC reported.
“The stock market is acting like everything is optimistic,” said Michael Green, chief strategist at Simplify Asset Management, a U.S. asset manager, adding that investors are betting positively on a September rate cut.
However, Green pointed out that the Fed’s cut is more likely to be a small cut (0.25%p cut) rather than a big cut (0.50%p cut). He said, “There is a lot of evidence for a soft landing, and little evidence for the Fed to aggressively cut rates.”
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