(Bloomberg) — Wall Street traders sent stocks to all-time highs as bond yields fell, with traders looking at prospects for Federal Reserve rate cuts after Jerome Powell cited signals the US is back on a disinflationary path.
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For the first time in its history, the S&P 500 closed above 5,500 to extend a blistering 2024 rally that has left analysts scrambling to update their targets. It was the gauge’s 32nd record this year. Tesla Inc. surged 10% to lead gains in megacaps, though Nvidia Corp. failed to gain traction. The Nasdaq 100 hit the 20,000 mark, also notching a record high.
More than $16 trillion has been added to the S&P 500’s value from a closing low on October 2022. Equities keep defying doomsayers amid solid corporate earnings, the artificial-intelligence mania and expectations that interest rates will drop. And the lack of any meaningful pullback has given bulls conviction that the rally is…
