Stocks Rally to New Highs as Fed Signals Potential Rate Cuts
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US stocks rallied, with the Dow and S&P 500 hitting new highs, after the Fed signaled potential rate cuts in 2024. Interest rate-sensitive sectors like real estate and banks led the gains.
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The Fed now expects a "soft landing" for the economy with cooling inflation and strong labor market. This sparked a stock rally, taking the "lid off" concerns.
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JPMorgan downgraded some housing stocks on expectations of weaker remodeling demand, while upgrading construction-exposed names.
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Disney's board battle intensified as Trian nominated Nelson Peltz and former Disney CFO Jay Rasulo as board director candidates.
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Mortgage rates fell below 7% for the first time since August, sparking optimism for an easing housing market next year.