In a remarkable display of market resilience, the major U.S. stock indexes surged by almost 3%, marking their seventh consecutive week of positive gains. The driving force behind this upward momentum was the anticipation of imminent interest rate cuts.
Notably, the Dow soared to unprecedented heights, surpassing its previous peak recorded on January 4, 2022. Meanwhile, the S&P 500 hovered around 1% below its historical zenith, and the NASDAQ trailed by approximately 8% from its all-time high.
This impressive seven-week winning streak has propelled the NASDAQ to a substantial 18% increase from its recent low in late October. The S&P 500 and the Dow also witnessed commendable growth, both registering around a 15% uptick. The buoyant market sentiments underscore the significance of the potential interest-rate cuts as a pivotal catalyst for the ongoing positive trajectory in the U.S. stock market.
Reviewing the US Stock Markets, the Nasdaq Composite, recorded a decent gain of 179 points, reaching a closing value of 14,992 points by the end of the week. Similarly, the S&P 500 index showed a positive trend, gaining 35 points to settle at 4,754 points. Meanwhile, DJIA Index experienced a notable hike, rising by 80 points during the week and concluding at 37,385 points after a week of gain.
In contrast, Russell 3000 Index saw a gain in week performance, with a slight gain of 25 points to reach 2,741 points by the end of the week.
Moving to Russell 2000 Index, demonstrated a notable hike of 48 points, ending the week at 2,033 points.
