What’s fueling this week’s record-breaking stock rally
CNN
The stock market is racking up record highs again. Investors are wasting no time moving into riskier assets from bitcoin to tech stocks after last week’s long-awaited rate cut from the Federal Reserve.
The stock market is racking up record highs again. Investors are wasting no time moving into riskier assets from bitcoin to tech stocks after last week’s long-awaited rate cut from the Federal Reserve. Last week, the S&P 500 and Dow surged to new highs after the Fed said it is cutting interest rates by half a point, marking a pivot from the aggressive hiking cycle that brought rates to a 23-year high. CNN’s Fear & Greed Index, which measures seven barometers of market sentiment, is at a “greed” reading. Strong economic data this week has kept the party going. The S&P 500 on Thursday marked its 42nd record high close in 2024, while the Dow marked its 31st record high close of the year the prior day. All three major indexes are on pace for a positive week. The Dow has gained 0.9%, the S&P 500 has added 0.7% and the Nasdaq Composite has climbed 1%. The Personal Consumption Expenditures price index, the Federal Reserve’s preferred inflation gauge, showed that the prices consumers paid for goods and services rose 2.2% last month on an annual basis, down from 2.5% in July. The reading was below expectations from economists polled by FactSet, and is a step closer towards the Fed’s 2% inflation target. Fresh data this week has offered further encouragement that the economy is on solid footing. The third estimate for second-quarter gross domestic product showed that the US economy expanded at a solid 3% clip from the prior year.
The much-touted new tax breaks for tips, overtime, seniors and car loan interest have a lot of income tax filers expecting a big bump in their refunds this year – or a big cut in their tax bill.
Looking out his shop window, across the street, just to the right, Paloma Clothing co-owner Mike Roach sees one of Portland, Oregon’s, most expensive gas stations.
Oil and liquefied natural gas tankers moving through the Strait of Hormuz carry around 20% of the world’s supply. But for countries on the Persian Gulf, the waterway is more than just an energy route – it’s a lifeline for more than 100 million people.
A California jury has largely sided with Twitter shareholders who accused billionaire Elon Musk of defrauding them by intentionally driving down the social media company’s stock ahead of his $44 billion acquisition in 2022.
The war with Iran is disrupting global oil flows, damaging energy infrastructure and raising fears of prolonged conflict. But gold, usually considered a safe haven during periods of economic uncertainty, has slumped.
US stocks and bonds fell, oil prices rose and gold had its worst week in four decades as the Iran war continues to ripple through financial markets.
The White House on Friday released its long-awaited national artificial intelligence legislative framework, a move to prevent states from enacting their own laws and enforce the Trump administration’s light-touch approach to AI regulation.
“Today is a difficult day,” CBS executives wrote to staff, explaining the cuts as a tough but necessary reallocation of newsroom resources.
President Donald Trump has repeatedly promised that Americans will get larger tax refunds this year thanks to his “big, beautiful bill.”
President Donald Trump has repeatedly promised that Americans will get larger tax refunds this year thanks to his “big, beautiful bill.”
Oil prices edged lower on Friday after a tumultuous day that saw the international benchmark surge above $119 a barrel as the Middle East conflict deepened energy supply fears.
The war in Iran has delivered what economists call a “black swan” event — an unforeseen shock so destructive, no one is immune to it.
The war in Iran is driving up the cost of buying a home in America.