(Bloomberg) — Wall Street extended its rally Tuesday, shrugging off warnings from policymakers trying to rein in expectations for Federal Reserve rate cuts.
Most Read from Bloomberg
The Nasdaq 100 set another all-time high while the S&P 500 added 0.6%, fast approaching the benchmark’s record peak. The blue-chip Dow Jones Industrial Average also hit a fresh record. Atlanta Fed President Raphael Bostic said there was no urgency to cut rates. His prediction for only two cut rates in 2024 — well below traders expectations for at least five cuts — did little to dent market optimism.
Bonds clung to gains with yields on the US 10-year, a proxy for mortgage rates, slipping to around 3.93%. The rate on the policy-sensitive two year hovered around 4.44%.
Traders digested a surge in new US home construction in November as builders continued to benefit from a limited supply of existing home sales. Residential starts jumped 14.8% last month…
