Expectations for a Fed rate cut in October rose for the third straight day, helping boost the fragile stock market.
An additional push came from Donald Trump, who stepped in to announce a Chinese delegation was coming to the US for trade talks, bolstering risk sentiment.
Dow Jones Rallies as Rate Cut Expectations Hit 90%
Shortly before Thursday’s close, the Dow Jones Industrial Average had gained 63.45 points or 0.25% to trade at 26,142.07. The Dow had dropped as low as 25,743.46 during the morning session.
The Nasdaq outperformed with a 0.86% rally, while the S&P 500 rose 0.54%.
Commodity markets were mixed again. Oil sold off, but gold continued to press toward record highs.
The benefits of a weaker US dollar were clearly seen on Thursday. The DXY declined as Federal Reserve rate cut expectations for…
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Author: Francois Aure