Stock Market Today: S&P 500 closes above 5,700 for first time ever as tech glows

Investing.com-- The S&P 500 swelled to close above 5,700 for the first ever on Thursday, led by tech, a day after the Federal Reserve starting its easing cycle with a substantial half percentage point reduction.The September Fed rate cut marked the beginning of an easing cycle that is likely to see rates fall further in the coming months. The Fed said a bulk of policymakers expect two more 25 bps cuts this year, but markets expect more.

Citi expects the Fed to cut rates by another 50 bps in its November meeting, but others, however, believe the Fed is more likely to deliver a 25 bps cut should incoming labor market data continue to show a moderate pace of slowing. "Assuming we do not see a material pick-up in claims filings in the coming weeks, the data is setting the Fed up for a 25 bp rate cut at the next meeting in early November," Jefferies said Thursday after pace of jobless claims fell to the lowest level since May 17.coming in at 219,000 in the week ended on Sept. 14, compared with an upwardly revised 231,000 in the prior week.

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