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indexes ended the session modestly higher. With few negative catalysts to sour the risk-on sentiment, all three major U.S. The Nasdaq Composite was the outperformer with a gain of nearly 1.9%, posting its fourth winning week in a row as the tech trade came back into favor.NEW YORK (Reuters) - Wall Street gained ground again on Wednesday, with chipmakers and financials helping to push the S&P 500 and the Nasdaq to record closing highs as investors look to the upcoming Jackson Hole Symposium for assurances that Federal Reserve's timeline for policy tightening remains intact. Last week, the 30-stock Dow Jones Industrial Average fell 0.8%, but the S&P 500 rose 0.4%, for its third straight positive week. stocks ended last week with a record closing high for the S&P 500 and the beginning of a rotation back into growth names. You’re going to get a correction in stocks.”
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“You’re going to get a sell-off in fixed income. “If they course correct, if they say, ‘We’ve got incoming data, we’ve accomplished our mission or we’re on the way very rapidly to accomplishing our mission on employment,’ then you’re going to get a taper tantrum,” Tudor Jones said. Traders will be parsing his comments for any clues as to when the Fed could start to end its aggressive monthly asset purchases, especially given recent hotter-than-expected inflation readings.īillionaire hedge fund manager Paul Tudor Jones said this week’s Fed meeting could be the most important in Powell’s career, and he warned that the chairman could spark a big sell-off in risk assets if he doesn’t do a good job of signaling a taper.
All time closing high s&p 500 update#
The Fed could possibly move up its forecast for a rate hike after saying in its last quarterly update that it would keep its benchmark rate near zero through 2023, the Wall Street Journal reported on Monday.įed Chairman Jerome Powell will speak to the press after the central bank issues its statement Wednesday.
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Although the central bank is not expected to take any action, its forecasts for interest rates, inflation and the economy could move the markets. The Fed’s two-day policy meeting will likely dominate investor behavior this week. “As the market continues to sort through potential moves made by the Fed and looming inflation, we could continue to see this narrative play out in the short-term.” “The broad market’s modest performance is pretty much in line with historical patterns- specifically, June’s tendency for generally quiet trading,” said Chris Larkin, managing director of trading at E-Trade Financial. Tesla, a big holder of bitcoin, climbed nearly 1.3%. Bitcoin recovered back above $40,000 Monday.
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Apple and Netflix both jumped more than 2%, while Amazon, Microsoft and Facebook also registered gains.īoosting cryptocurrency sentiment, Tesla CEO Elon Musk on Sunday said the company will resume bitcoin transactions once it confirms there is reasonable clean energy usage by miners. The fund rose 1.9% Monday even as the benchmark Treasury yield rose briefly back to 1.5%. Cathie Wood’s Ark Innovation, an ETF that focuses on disruptive technology, returned about 6% last week. The 10-year Treasury fell below 1.43% on Friday, a three-month low. Investors are giving growth and tech stocks another chance as bond yields come down.