Published on 7 May 2024 on Zacks via Yahoo Finance
S&P 500's Best 3-Day Run in 2024: ETF Areas That Won
Wall Street was in great shape on Monday, with the S&P 500 experiencing its largest three-day rally of the year, fueled by anticipations of Federal Reserve rate cuts in 2024 and upbeat earnings as well as guidance and analysts’ estimates. The S&P 500 increased by 3.23% and the tech-focused Nasdaq Composite advanced by 4.8%. The Dow Jones Industrial Average saw a 2.5% rise.
On May 6, 2024, Tom Barkin, President of the Richmond Federal Reserve, commented that the current interest rates should be enough to gradually reduce inflation to the Fed's target of 2%. Per Barkin, "the economy is moving toward better balance, but no one wants inflation to reemerge."