Nasdaq, S&P 500 make gains as economic data fueled expectations of interest rate cuts
(MENAFN) The nasdaq Composite and S&P 500 ended the trading day on a positive note, driven by notable increases in shares of Tesla and Amazon, following encouraging U.S. economic data that heightened expectations for a modest interest rate cut by the Federal Reserve in September. Consumer spending in the U.S. showed robust growth in July, indicating economic resilience, while inflation pressures remained relatively stable. As a result, the Standard & Poor's 500 index climbed 55.64 points, or 1 percent, closing at 5,647.60 points, and the Nasdaq Composite surged by 194.30 points, or 1.11 percent, reaching 17,710.73 points.
In addition to the gains in tech giants Tesla and Amazon, the Dow Jones Industrial Average also saw an uptick, rising 214.86 points, or 0.52 percent, to 41,549.91 points. Nvidia shares, which had suffered a 6.4 percent decline in the previous session due to a shortfall in meeting investor expectations despite strong results, recovered somewhat as the company’s positive outlook and forecast met market estimates. The combined effect of solid consumer spending data and anticipated adjustments in Federal Reserve policy contributed to the overall market rally.
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