S&P 500 hits record as Wall Street rallies on rate cut bets

Stocks rallied on Friday, with the S&P 500 and Dow Jones Industrial Average hitting record highs on hopes that the U.S. Federal Reserve will begin cutting U.S. interest rates as soon as September.
Reuters:
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Some of the market’s most valuable companies bounced back after dipping in the previous session, with Apple climbing 2% and Nvidia adding almost 3%.
The small-cap Russell 2000 rallied for a third straight day, jumping 1.4% to its highest since 2022, while the S&P 400 Mid Cap index firmed 1.4%. The two indexes have lagged the S&P 500 this year.
With the S&P 500 at record highs, investors are betting on strong profit growth from companies beyond Nvidia and other heavyweights that have benefited from explosive growth in artificial intelligence computing.
The S&P 500 was up 1.18% at 5,650.38 points. The Nasdaq gained 1.36% at 18,532.38 points, while the Dow Jones Industrial Average rose 1.15% to 40,209.36 points.

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