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S&P 500 Hits Record High as Weak Jobs Data Fuels Fed Rate Cut Bets
S&P 500 Hits Record High as Weak Jobs Data Fuels Fed Rate Cut Bets
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BTCCSquare news:
Wall Street rallied on softer-than-expected private payrolls data, with the S&P 500 closing at an all-time high of 6,502.08. Traders interpreted the ADP report showing just 54,000 new jobs in August as a green light for Federal Reserve easing, pricing in a 97% chance of a September rate cut per CME's FedWatch tool.
The Nasdaq Composite gained 0.98% to 21,707.69 while the Dow Jones added 350 points. Market participants appear to be betting on a Goldilocks scenario - data weak enough to justify Fed action but not so dire as to signal recession. This comes amid growing concerns about US fiscal sustainability and central bank independence.
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