S&P 500 index rallies to intraday record

Friday, 24. August 2018 17:03

Equities in the United States defied a drop in the dollar on Friday and pushed strongly upward. Federal Reserve Chairman Jerome Powell disappointed the hawkish side of the market, which waited for a signal that interest rate increases would accelerate. Instead, the S&P 500 index, the broadest of the three Wall Street measures, surged 0.59% to an all-time intraday high of 2,873.77 points on the wings of his estimate there is more upside to economic growth. Autodesk led the way with a spike of 15.06%. AMD and Netflix followed at the top of the performance chart, gaining 5.35% and 3.9%, respectively.

A finish above 2,872.87, record closing level that was reached January 26, would strengthen the case of analysts who claim US stocks are in the longest bull run so far, since 2009. The standards aren't universal and some dispute the claim since the S&P 500 fell more than 10% soon after the pinnacle, meaning it was in correction ever since.

The Dow Jones Industrial Average climbed 0.59%. The Nasdaq 100 index was up 0.96% at 7,485.079 points, a 15-day high. The euro jumped 0.77% to $1.16286 and the pound was 0.35% higher at $1.2859, while the greenback slipped only 0.08% to ¥111.2.

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