Strengthening Expectations for Fed Rate Cuts Propel Wall Street Indices to New Records

Forex - The ISM services data released in the U.S. yesterday was interpreted as boosting investor confidence in the Federal Reserve's potential interest rate cuts, propelling Wall Street indices to record levels. The Dow Jones Industrial Average closed the day up 0.69% at 45,014.04 points, while the S&P 500 Index rose 0.61% to 6,086.49 points. The S&P 500 has increased by 5.25% over the past month and 33.27% over the past year.

The Nasdaq Composite Index, which includes technology stocks that have been the driving force behind the rally since the beginning of the year, also closed the day up 1.30% at 19,735.12 points. The index has risen 39.12% in the past year and 8.55% in the last month.

Asian markets opened positively influenced by Wall Street; however, the downward movement in U.S. futures led to a mixed performance in Chinese stocks. In South Korea, shares are trending downward ahead of the vote for President Yoon's potential impeachment. Meanwhile, indices in Japan and Australia are in positive territory.