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

(Reuters) – It rose to an all-time high for the day on Tuesday and was on track for a record close, buoyed by investor confidence that the Federal Reserve will begin cutting interest rates, erasing the last of the deep selloff that lasted until the end. end of July and beginning of August.

The S&P 500 was last up 0.64% at 5,669.06. The index’s previous record close was 5,667.2 points on July 16.

Upbeat economic data and expectations of a significant interest rate cut largely helped the S&P 500 rally after fears of an impending recession sent the benchmark down more than 8.5% in the three weeks to 5 August.