Stock Market News: Dow, S&P 500 Near Record Highs
The stock market was cruising along in Monday afternoon trading as the Dow looked to build on last week’s record finish.
The Dow was up 76 points, or 0.2%, after hovering around breakeven for much of the session. Any close higher would be its highest close on record.
The S&P 500 was up 0.2%, trading two points above its record close of 5713.64. The Nasdaq Composite was up 0.2%.
After rising earlier in the session, the yield on the 10-year was down to 3.741%. The 2-year yield was down to 3.58%.
Federal Reserve officials continued to make the case for last week’s half-point interest rate cut, as well as hint at the potential for future cuts. Fed-funds futures see a 26.6% chance of another three-quarters of a percentage point of cuts through the end of the year, according to the CME FedWatch Tool. That’s up from 23.6% on Friday.
Odds of another half-point in cuts were steady at 50%, while the chance of just one quarter-point cut was down to 23.4% from 26.3%.