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S&P 500 hits 3,000 for the first time after Fed signals rate cuts

Fed Chair Jerome Powell. Photo: Spencer Platt/Getty Images

The S&P 500 jumped above 3,000 on Wednesday after Fed Chair Jay Powell signaled an imminent interest rate cut later this month.

Our thought bubble, per Axios' Felix Salmon: We live in a world where the Dow Jones Industrial Average can rise or fall 1,000 points in one day. The S&P 500 is not only a much more useful index, it also hits round-number milestones like this one much less frequently.

Go deeper: The case for a Fed rate cut

Go deeper

Jennifer A. Kingson
49 mins ago - Politics & Policy

The modern way to hire a big-city police chief

Illustration: Annelise Capossela/Axios

When it comes to picking a city's top cop, closed-door selection processes have been replaced by highly public exercises where everyone gets to vet the candidates — who must have better community-relations skills than ever.

Why it matters: In the post-George-Floyd era, with policing under utmost scrutiny, the choosing of a police chief has become something akin to an election, with the need to build consensus around a candidate. And the candidate pool has gotten smaller.

Go deeper (2 min. read)Arrow
Felix Salmon, author of Capital
59 mins ago - Economy & Business

Speculative crypto art market takes off

Illustration: Aïda Amer/Axios

Move over, GameStop. The newest speculative game in town is NFTs — digital files that can be owned and traded on a plethora of new online platforms.

Why it matters: Most NFTs include some kind of still or moving image, which makes them similar to many physical art objects. Some of them, including a gif of Nyan Cat flying through the sky with a pop-tart body and rainbow trail, can be worth more than your house.

Go deeper (1 min. read)Arrow
Sam Baker, Andrew Witherspoon
1 hour ago - Health

New coronavirus cases fall by 20%

Expand chart
Data: The COVID Tracking Project, state health departments; Map: Andrew Witherspoon/Axios

New coronavirus infections continued their sharp decline over the past week, and are now back down to pre-Thanksgiving levels.

The big picture: Given the U.S.’ experience over the past year, it can be hard to trust anything that looks like good news, without fearing that another shoe is about to drop. But the U.S. really is doing something right lately. Cases are way down, vaccinations are way up, and that’s going to save a lot of lives.

Go deeper (1 min. read)Arrow