Banner week as S&P 500 strives for its highs
Main U.S. indexes end higher; Dow out front, up ~0.7%
All S&P 500 sectors green; Utilities lead
Dollar ~flat; crude up; gold up ~1%; bitcoin up >2%
U.S. 10-Year Treasury yield dips to ~3.66%
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BANNER WEEK AS S&P 500 STRIVES FOR ITS HIGHS
Wall Street's main indexes rose on Friday as investors reevaluated the possibility of a bigger interest rate cut by the Federal Reserve next week.
Traders' bets on a 50-basis point rate cut jumped to 47% from 28% on Thursday, CME's FedWatch Tool showed, after former New York Fed President Bill Dudley said late Thursday there was a strong case for a 50-bps interest rate cut.
All S&P 500 .SPX sectors ended green with utilities .SPLRCU leading the charge. Utilities and staples .SPLRCS both scored record closing highs.
Regional banks .KRX, small caps .RUT, gold stocks .HUI, mid caps .IDX, and chips .SOX outperformed on the day.
Of note, in the wake of last week's drubbing, it turned out to be a banner week. In fact, the Nasdaq composite .IXIC, which slid about 5.8% last week, while suffering its biggest weekly decline since January 2022, posted a 6% weekly gain. That was the tech-laden index's biggest weekly rise since November 2023.
Both the S&P 500 and Nasdaq rose every day this week.
And with the strength, the S&P 500 is now down less than 0.8% from its record highs. The Dow .DJI is down less than 0.5% from its record levels. The Nasdaq is still down around 5.25% from its record highs.
Here is a snapshot of where markets stood just shortly after 1600 EDT/2000 GMT:
(Terence Gabriel)
*****
FOR FRIDAY'S EARLIER LIVE MARKETS POSTS:
WILL IT BE 50 OR 25? EITHER WAY IT SHOULD BE OK - CLICK HERE
LONG-DATED BOND POSITIONS MOST CROWDED? NOT NECESSARILY - CLICK HERE
INDIVIDUAL INVESTOR BEARS PERK UP - AAII - CLICK HERE
FRIDAY DATA ROUNDUP: 13 IS A LUCKY NUMBER - CLICK HERE
WHAT A DIFFERENCE A WEEK CAN MAKE! - CLICK HERE
HAVE GRAINS REACHED FERTILE GROUND ON THE CHARTS? - CLICK HERE
THE MACRO OUTLOOK MARKET DIVIDE - CLICK HERE
IS THE ECB FALLING BEHIND THE CURVE? - CLICK HERE
WHY NOT 50? - CLICK HERE
STOXX 600 HEADS FOR WEEKLY GAIN - CLICK HERE
EUROPEAN FUTURES EDGE UP ON RATE CUT BETS - CLICK HERE
SUPER-SIZED FED CUT CLIMBS BACK ON THE TABLE - CLICK HERE
Closer09132024 https://tmsnrt.rs/3XGPrGb
(Terence Gabriel is a Reuters market analyst. The views expressed are his own)
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