Tuesday, 24 September 2024: Record closing highs after Fed rate cut-induced momentum
Sep 23, 2024 ·
6m 34s
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Description
The S&P 500 and Dow logged record closing highs, building on last week's Federal Reserve rate cut-induced momentum and after data showed steady business activity in September - Dow added...
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The S&P 500 and Dow logged record closing highs, building on last week's Federal Reserve rate cut-induced momentum and after data showed steady business activity in September - Dow added +61-points or +0.15% to 42,124.65, logging a record closing high for a third consecutive session. Intel Corp gained +3.30% to be the leading performer in the 30-stock index after Bloomberg reported on Sunday (22 September) that Apollo Global Management has offered to invest as much as US$5B in the struggling chipmaker. Intel got a boost last week from a company update on its transformation plans as well as a Wall Street Journal report Friday (20 September) that Qualcomm Inc (down -1.75%) had made a "takeover approach". Boeing Co (+1.96%) has made its “best and final” offer to striking workers, offering a 30% raise as it tries to end a work stoppage that threatens its recovery. The 33,000 members of the International Association of Machinists and Aerospace Workers District 751 walked off the job 11 days ago after rejecting a contract negotiated by the union’s leadership.
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Author | Morgans Financial Limited |
Organization | Morgans Financial Limited |
Website | - |
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