Wall Street climbs to more records on hopes for cuts to interest rates
NEW YORK (AP) — U.S. stocks are rising to more records on expectations that the Federal Reserve will have to cut interest rates soon to help the economy.
The S&P 500 climbed 0.4% Friday. The Dow Jones Industrial Average added 93 points, and the Nasdaq composite gained 0.7%.
The action was much stronger in the bond market, where Treasury yields tumbled following the latest weaker-than-expected update on the U.S. job market. That raised expectations for a cut to rates by the Fed later this month. While the data on the job market is disappointing, it’s still not so weak that it’s screaming a recession.
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