Posted 3/21/2024, 1:37:00 PM
Stocks Surge to New Highs as Dow Nears 40,000 on Rate Cut Hopes
- Dow Jones Industrial Average approaching 40,000 threshold for the first time ever after Federal Reserve maintained forecast for 3 rate cuts this year
- Stock indexes at record highs - Dow up 0.5% to 39,690, S&P 500 up 0.5%, Nasdaq up 0.9%
- Global markets also rallying - European and Asian stocks climbing after Switzerland's central bank cut rates and Bank of England kept rates unchanged
- Traders now expecting 63% chance Federal Reserve begins cutting rates in June
- Reddit made its trading debut on New York Stock Exchange at $34 per share, valuing company at $6.5 billion