The Dow Jones Industrial Average set a record as Wall Street geared up for the most anticipated meeting of the Federal Reserve in years.
Dow sets record as Wall Street gears up for a cut to interest rates
The Dow Jones Industrial Average set a record after a quiet Monday of trading, as Wall Street geared up for the most anticipated meeting of the Federal Reserve in years.
The Dow rose 228 points, or 0.6%, to surpass its prior all-time high set a few weeks ago. The S &P 500 index, which is much more comprehensive and widely followed on Wall Street, ticked up by 0.1% to climb within 0.6% of its own record set in July.
The Nasdaq composite slipped 0.5% as big technology stocks and other market superstars gave back a bit of their big gains from recent years.
Most stocks rose on Wall Street, and Oracle’s gain of 5.1% helped lead the market. The software company continued a strong run that began last week with a better-than-expected profit report.
Alcoa also jumped 6.1% after saying it would sell its ownership stake in a Saudi Arabian joint venture to Saudi Arabian Mining Co. for $950 million in stock and $150 million in cash. But drops for some influential Big Tech stocks kept indexes in check, including declines of 2.8% for Apple and 1.9% for Nvidia. They’re among the market’s most influential stocks because they’re among the largest by market value.
Stock indexes have been taking a jagged, scary ride toward their records. After worries about the U.S. economy and other hiccups in global markets briefly sent the S &P 500 nearly 10% below its all-time high last month, the S &P 500 is just one middling day away from its record on excitement about coming cuts to interest rates.
