S&P 500 and Nasdaq Composite Hit Record Highs; Bitcoin Rises After Fed Decision

The S&P 500 and Nasdaq Composite have reached new record closing highs, marking a historic day in the stock market. The S&P 500 closed above the 5,400 level for the first time ever, settling at 5,421.03. Meanwhile, the Nasdaq Composite jumped 1.53% to close at 17,608.44. On the other hand, the Dow Jones Industrial Average slipped 0.09% to finish at 38,712.21.

Investors are closely watching the market as Bitcoin also saw a slight increase following the Federal Reserve’s decision to hold interest rates steady. The flagship cryptocurrency was up about 1.5% at $68,397.54, with analysts predicting short-term volatility but an overall positive trend.

Lazard has forecasted more rate cuts ahead, with the Federal Reserve indicating one rate cut this year but potential for more in 2024. The market is reacting to these announcements, with more than two-thirds of Dow stocks heading for losses despite the broader market reaching new highs.

Tech stocks are having a strong day, with the S&P 500 tech sector rallying 3%, the best performance since February. Small-cap stocks are also seeing outsized gains, with the Russell 2000 tracking for its best day since February.

Overall, the market is responding positively to recent developments, with Wall Street anticipating more good news on the inflation front. The Federal Reserve’s decision and the consumer price index report have historically been positive for stocks, and investors are optimistic about the future direction of the market.