February 12, 2024

The Dow Jones Industrial Average ended slightly higher Wednesday, notching an all-time high finish, while the S&P 500 edged nearer record territory as investors attempted to continue a year-end rally fueled by expectations that U.S. interest rates will fall in 2024. See: S&P 500 is moving toward record territory. What drove marketsStocks briefly extended gains after the Treasury Department auctioned $58 billion in 5-year notes, prompting a further pullback in benchmark bond yields. A steady rally into the year’s end has further propelled the benchmark S&P 500 toward an all-time high. “We expect to see three rate cuts in 2024 starting in July, and not any sooner than that unless something unexpected happens in the economy that warrants lower interest rates,” Landsberg said.