Dow hits all-time high after Fed hints at interest rate cuts
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Hints from the Fed that it could cut rates a lot next year sent the Dow Jones Industrial Average to a new record high on Wednesday.
Why it matters: While financial professionals avoid the antiquated index almost completely, the Dow Jones Industrial Average is still the mental benchmark that millions of Americans use for the stock market.
State of play: This is the first new high the Dow has hit since late 2021. And according to market convention, the new high confirms that the rally that started for the Dow in September 2022 is officially a new bull market.
- The Dow is up 29% since bottoming on Sept. 30, 2022.
Yes, but: The S&P 500 — a broader, more representative, and much more widely used stock market gauge — still is a couple percentage points shy of a a new high.
