Published on 1 Mar 2024 on Benzinga
S&P 500, Nasdaq 100 Hit Record Highs As Dollar, Treasury Yields Weaken, Chipmakers Shine, NYCB...
March kicked off on a high note on Wall Street Friday, with both the S&P 500 and Nasdaq 100 indices soaring to unprecedented heights, fueled by the unstoppable surge of tech stocks.
Despite the sharper-than-expected contraction revealed by the ISM Manufacturing PMI in February – with the overall index plummeting from 49.5 to 47.8, missing the anticipated 49.1 – investors remained upbeat. The data triggered downward pressure on the dollar and Treasury yields, maintaining firm expectations for Federal Reserve rate cuts.