{"id":125948,"date":"2019-07-04T05:21:15","date_gmt":"2019-07-04T05:21:15","guid":{"rendered":"https:\/\/www.bnreport.com\/sp-500-hits-record-high-on-rising-rate-cut-hopes\/"},"modified":"2019-07-04T05:21:15","modified_gmt":"2019-07-04T05:21:15","slug":"sp-500-hits-record-high-on-rising-rate-cut-hopes","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/sp-500-hits-record-high-on-rising-rate-cut-hopes\/","title":{"rendered":"S&amp;P 500 hits record high on rising rate cut hopes"},"content":{"rendered":"<p>The S&amp;P 500 index hit a record high on Wednesday, led by defensive sectors, as bets of an interest rate cut rose on fears of a slowing global economy due to simmering trade tensions.<\/p>\n<p>The benchmark U.S. 10-year Treasury yields slipped to their lowest since November 2016, while euro zone yields tumbled to record lows on bets the European Central Bank&#039;s next chief would stay a dovish course.<\/p>\n<p>The defensive utilities, real estate and consumer staples rose the most among the 11 major S&amp;P sectors as the falling bond yields made stocks that pay high dividends more attractive.<\/p>\n<p>&quot;With the overhang of further tariffs on Chinese imports paused and the chances of a rate cut from the Fed getting higher, more investors are getting comfortable to invest bigger in equities,&quot; said Shawn Gibson, chief investment officer at asset management firm Liquid Strategies.<\/p>\n<p>Traders bet for about a 25% chance the Federal Reserve would cut borrowing costs by half a percentage point at its July 30-31 policy meeting, compared with 20% late on Monday.<\/p>\n<p>Bets that the central bank would cut rates to preserve a decade-long U.S. expansion helped the S&amp;P 500 and the Dow Jones indexes post their best June performance in decades.<\/p>\n<p>The healthcare sector gained 0.38%, the biggest boost to the S&amp;P 500, helped by gains in Johnson &amp; Johnson, <a href=\"https:\/\/economictimes.indiatimes.com\/topic\/UnitedHealth-Group\" rel=\"noreferrer noopener\" target=\"_blank\">UnitedHealth Group<\/a> Inc and Merck &amp; Co Inc.<\/p>\n<p>The financial sector was flat, while bank stocks , which tend to benefit from a higher interest rate environment, fell 0.37%.<\/p>\n<p>Trading volumes are expected to be thin due to shortened trading hours on Wednesday ahead of the July Fourth holiday.<\/p>\n<p>The Dow Jones Industrial Average rose 50.82 points, or 0.19%, to 26,837.5 and the S&amp;P 500 gained 7.38 points, or 0.25%, to 2,980.39.<\/p>\n<p>The Nasdaq Composite added 22.90 points, or 0.28%, to 8,131.99.<\/p>\n<p>The ADP National Employment Report, often considered a precursor to the Labor Department&#039;s more comprehensive monthly non-farm payrolls data due on Friday, showed U.S. private employers added 102,000 jobs in June, well below economists&#039; expectations.<\/p>\n<p>Another set of data showed the U.S. trade deficit jumped to a five-month high in May as imports of goods increased and new orders for U.S.-made goods fell for a second straight mon<a href=\"https:\/\/economictimes.indiatimes.com\/markets\/stocks\/news\/sp-500-hits-record-high-on-rising-rate-cut-hopes\/articleshow\/70062123.cms\" rel=\"noreferrer noopener\" target=\"_blank\"><strong>Read More \u2013 Source<\/strong><\/a><br \/>\n[contf]<br \/>\n[contfnew]<br \/>\n        <img decoding=\"async\" src=\"https:\/\/img.etimg.com\/photo\/60278104.cms\" \/><\/p>\n<h5><a href=\"https:\/\/economictimes.indiatimes.com\/\" rel=\"noreferrer noopener\" target=\"_blank\">ET Markets<\/a><\/h5>\n<p>[contfnewc]<br \/>\n[contfnewc]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The S&amp;P 500 index hit a record high on Wednesday, led by def..<\/p>\n","protected":false},"author":1,"featured_media":125949,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[202],"tags":[],"class_list":["post-125948","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - 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