S&P 500 index surpasses 5,600 level for first time ever

(MENAFN) On Wednesday, the S&P 500 index achieved a historic milestone by surpassing the 5,600 level for the first time in its history. At 12:06 PM EDT, the index reached a record-high of 5,600.76 points, marking a significant moment for the US stock market.

By 12:15 PM EDT, the S&P 500 was trading at 5,602.42 points, reflecting a gain of 25.44 points or 0.46 percent. This upward movement continues a trend of record-breaking performances, with the index closing above the 5,500 level for the first time on July 2nd. Although it briefly surpassed this mark on June 20th, it did not maintain above it at the time.

The S&P 500 has been on a notable upward trajectory, closing at record highs for five consecutive days and showing gains in nine out of the last ten trading sessions. This surge in the index comes amid increasing investor optimism regarding potential actions by the Federal Reserve. Market expectations for a 25 basis point rate cut at the Fed’s meeting concluding on September 18th rose to 71.8 percent on Wednesday, according to the FedWatch Tool from the Chicago Mercantile Exchange Group.

Federal Reserve Chair Jerome Powell recently commented on inflation, noting that recent data shows modest progress towards the Fed’s 2 percent inflation target. He emphasized that further positive economic data would strengthen the Fed’s confidence in achieving sustainable inflation levels.

Looking ahead, market focus will be on upcoming consumer and producer inflation figures for June, scheduled for release on Thursday and Friday respectively, before the opening of the stock market at 8:30 AM EDT. These data releases are expected to provide further insights into the economic environment and could impact market sentiment moving forward.