S&P 500 and Dow Jones rally to record highs after Jerome Powells speech

S&P: 5,762.48 (+0.42%)
DJIA: 42,330.15 (+0.04%)
Nasdaq-100: 20,060.69 (+0.26%)
Eurostoxx: 5,000.45 (-1.32%)
U.S. crude futures: 68.17 (-0.01%)

U.S. indices finished a volatile session higher on Monday on the back of Jerome Powell’s speech, suggesting that the Federal Reserve will likely refrain from aggressive interest rate cuts if the economy remains solid. The S&P 500 and Dow Jones rebounded from intraday lows to close at new record highs. The S&P 500 closed 0.4% higher while the Dow Jones closed marginally higher. The Nasdaq-100 rose 0.3%. Among the S&P sectors, energy and communication services stocks led the way while materials and consumer discretionary were the only sectors to close lower.

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