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US Market: Dow Jones gains more than 740 points, Russell 2000 small cap index rises on bets on lower rates
US Market News: Tuesday's record close for the Dow Jones Industrial Average and Wall Street stocks came on data that reinforced the view that the US Federal Reserve is about to embark on its easing cycle, which will help control inflation and avoid a recession, according to a Reuters report. In addition, the price of gold also hit a record.
Tuesday's gains for all three major U.S. stock indexes were positive, although the tech-heavy Nasdaq saw gains limited by weaker growth in mega-cap companies including Nvidia Corp and Microsoft Corp.
As investors shifted their focus to cheaper segments of the market, Dow transportation stocks outperformed broader indexes, posting their biggest one-day percentage gain since November and ending at their highest level since August 2023, according to a Reuters report.
The Dow Jones Industrial Average climbed 1.85%, or 742.76 points, to 40,954.48, the S&P 500 gained 0.6%, or 35.98 points, to 5,667.2, and the Nasdaq Composite added 0.2%, or 36.77 points, to 18,509.34.
Economically focused small-cap stocks continued to advance. The Russell 2000 is on its longest winning streak since April 2000 after posting gains of more than 1% for the fifth straight day. The index rose 3.5%, hitting its highest point since January 2022, according to the Reuters report.
Retail sales came in stronger than expected, one of several economic indicators released Tuesday by the Commerce Department. The fact that consumer spending, which accounts for more than 70% of the U.S. economy, remained strong despite tight monetary policy allayed concerns that higher interest rates could push the United States into recession.
Additionally, the second-quarter earnings season has picked up steam. After reporting better-than-expected earnings, UnitedHealth Group jumped 6.5%, sending the Dow Jones Industrial Average and the S&P 500 Health Care Index to all-time highs.
Underwriting fees rose as financial markets rebounded, and Bank of America's second-quarter profit beat expectations, according to a Reuters report. In addition, the second-largest U.S. bank raised its net interest income forecast, sending its stock price up 5.3 percent.
Despite disappointing reports on investment bank wealth management revenue, Morgan Stanley posted a 0.9% increase.
Recent statements by Federal Reserve officials have raised expectations that the U.S. will cut interest rates in September, sending gold prices to a record high on Wednesday.
At 0158 GMT, spot gold was up 0.5% at $2,479.75 an ounce, after hitting a new high of $2,481.09 earlier in the session. At $2,482.00, U.S. gold futures were up 0.6%.
Federal Reserve Chairman Jerome Powell suggested a rate cut was not far off when he said Monday that recent inflation data “adds some confidence” that the rate of price increases is returning to the Fed's target on a sustained basis.
Disclaimer: The opinions and recommendations above are those of analysts, experts and brokerage firms, and not those of Mint. We advise investors to consult certified experts before making any investment decisions.
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