Wall Street notches fresh records as S&P 500 and Dow Jones close at all-time high

Wall Street scaled fresh records on Monday, as the S&P 500 and the Dow Jones industrial average each closed at an all-time high.

The S&P gained 0.2% to 4,850.43. The Dow cleared 38,000 for the first time, rising 0.4% to 38,001.81.

It comes as a string of companies prepare to update investors. American Airlines, Intel, Procter & Gamble and Tesla are among those due to release earnings in the coming days.

New York’s technology-focused Nasdaq Composite advanced 0.3% to finish Monday at 15,360.28.

The S&P 500 recorded its first record high in two years on Friday, amid a broad market rally on hopes that a cooldown in inflation will allow the Federal Reserve to cut interest rates several times this year.

It would be a sharp turnaround from the last two years, when the Fed jacked its main interest rate drastically higher in hopes of slowing the economy enough to grind down high inflation.

Some stronger-than-expected reports on the economy recently have forced traders to push out their forecasts for when the Fed will begin cutting rates. They overall see a less than 44% probability that it could begin in March, down from more than 80% a week ago, according to data from CME Group.

Associated Press contributed reporting


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