Wall Street rallies toward an all-time high
NEW YORK — The U.S. stock market is closing in on an all-time high on Tuesday. The S&P 500 climbed 0.8 percent and is on track to finish the day above its record closing level set in August. Even with worries about war , high inflation and cranked-up pressure from the bond market continuing to weigh on it, the backbone of many 401(k) accounts has soared nearly 24 percent since hitting a bottom in…
On Tuesday, the U.S. stock market edged closer to an all-time high, with the S&P 500 climbing 0.8 percent and poised to surpass its previous record set in August. Despite ongoing concerns about war, high inflation, and mounting pressure from the bond market, major investment accounts reliant on stocks have surged nearly 24 percent since hitting a low point in late March.
The Dow Jones Industrial Average experienced a 0.7 percent increase, reaching 343 points by noon Eastern time, while the Nasdaq composite also hit an all-time high, following the previous day's record. This impressive performance in the stock market is providing a psychological boost to investors, offering a glimmer of optimism amidst the growing financial pressures faced by Americans.
Many of the initial fears that triggered the market's decline in March, such as the Iran war, have materialized, with oil prices surging and inflation continuing to climb. Consequently, bond yields have risen globally, potentially slowing economic growth and casting a shadow over the stock market's upward trajectory.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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