S&P 500 on track for first record close since July

Nordstrom

17/09/2024 15:53

Sept 17 (Reuters) - The S&P 500  .SPX  rose to an
all-time intraday high on Tuesday and was on track for a record
close, lifted by investor confidence that the Federal Reserve is
set to begin cutting interest rates, erasing the last of a deep
selloff that lasted through late July and early August.
    The S&P 500  .SPX  was last up 0.64%, to 5,669.06. The
index's previous record high close was 5,667.2 points on July
16.
    Encouraging economic data and expectations of a hefty
interest rate cut have largely helped the S&P 500 recover after
fears of an imminent recession sent the benchmark index down
more than 8.5% over three weeks through Aug. 5.

 (Reporting by Noel Randewich and Purvi Agarwal; Editing by
Pooja Desai)
 ((noel.randewich@tr.com;))