Wall Street Has Best Fed Day of 2024 Across Assets: Markets Wrap
- Stocks hit fresh peak after Powell’s bullish economic signals
- Treasury yields slide as Fed Chair gives no skip indications
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Stocks hit fresh all-time highs, climbing alongside bonds and commodities, in a concerted cross-asset advance that by one measure was the best for a Federal Reserve day in 2024.
Equities extended their post-election rally, with the S&P 500 approaching 6,000 and notching its 49th record this year. That was after Jerome Powell said the economy is strong while refraining from signaling whether the Federal Reserve will skip cutting rates, following Thursday’s reduction of a quarter percentage point. Treasury yields dropped across the curve and the dollar saw its biggest decline since August.