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Stock market today: Stocks zoom higher as S&P 500 notches 30th record close of 2024

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Nasdaq Composite,S&P 500,Sixth Consecutive Record

Wall Street wondered if the bull rally that has roared through 2024 has more room to run.

US stocks jumped to fresh all-time highs on Monday with the S&P 500 notching its 30th record close of the year as The S&P 500 rose nearly 0.8% while the tech-heavy Nasdaq Composite rose almost 1% to notch its sixth consecutive record close. The Dow Jones Industrial Average gained 0.5%. Stocks have continued ripping higher as a tech-fueled rally has led Wall Street to revise its year-ahead targets for the S&P 500.

The highlight will be Wednesday's retail sales report, which provides a glimpse into the health of the US consumer. As for the path of interest rates: Federal Reserve Bank of Philadelphia President Patrick Harker became the latest Fed official to hint at one rate cut in 2024. “If we start to see several months of where we’re seeing data move in the right direction, I could see taking action. But I’m not there right now,” said Harker at an event in Philadelphia.

 

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