off-the-wire

S&P 500 on track for first record close since July

Kitco Media
By Reuters
Published:
Updated:
Reuters
S&P 500 on track for first record close since July teaser image

Sept 17 (Reuters) - The S&P 500 (.SPX), opens new tab rose to an all-time intraday high on Tuesday and was on track for a record close, lifted by investor confidence that the Federal Reserve is set to begin cutting interest rates, erasing the last of a deep selloff that lasted through late July and early August.

The S&P 500 (.SPX), opens new tab was last up 0.64%, to 5,669.06. The index's previous record high close was 5,667.2 points on July 16.
Encouraging economic data and expectations of a hefty interest rate cut have largely helped the S&P 500 recover after fears of an imminent recession sent the benchmark index down more than 8.5% over three weeks through Aug. 5.

Reporting by Noel Randewich and Purvi Agarwal; Editing by Pooja Desai

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.