US stock market indices managed to achieve collective gains at the end of weekly trading, and recorded their best weekly performance since October 2023, in conjunction with strengthening market expectations about the approaching date of the US interest rate cut.
The performance of US stock market indices today:
On the trading front, the S&P 500 index rose by 0.2% to close to 5,554.25 points. The Nasdaq Composite rose 0.21% to 17,631.72 points. Meanwhile, the Dow Jones Industrial Average gained 0.24% and recorded about 40,659.76 points.
Reasons for the rise of the US stock market:
US stocks achieved a strong performance during this week in conjunction with the release of many US economic data, which supported expectations of a rate cut in September, led by inflation data, producer price index data, along with US building permits, and these data strengthened expectations about the Federal Reserve cutting interest rates during September, perhaps by about 50 basis points, which in turn boosted optimism in the US stock markets.
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