On Monday, the S&P 500 reached a new record high, recovering from a brief drop following comments by Federal Reserve Chair Jerome Powell, who signaled no urgency for additional interest rate cuts. The Dow Jones also hit a record close, with all major U.S. stock indexes posting gains for the quarter and month.
Powell, speaking at a business economics conference, hinted at two more rate cuts of 50 basis points by year-end if the economy follows expectations. Despite investor caution, experts believe the Fed’s actions for 2024 may hold surprises.