Stock Market Today: Dow closes above 44,000 for first time as rally mode continues

Investing.com-- The Dow climbed Monday, extending its recent rally to close above 44,000 for the first time as the stocks continue to surge ahead of upcoming inflation data and a slew of Federal Reserve speakers.cut interest rates by 25 basis points, and reiterated that future easing will be largely dependent on the path of inflation. This week’sWhile U.S. inflation did fall earlier in the year, it turned sticky in recent months amid persistent strength in the economy and the labor market.

Futures on the federal funds rate have priced in another 25-basis-point rate cut next month, as well as another 67 bps of reductions for 2025.) stock fell 12% after the drugmaker announced that its two phase 2 trials of a treatment for adults with schizophrenia missed its primary endpoint.Evercore ISI expects sharp gains in the coming months, expecting the S&P 500 to hit 6,600 by mid-2025, driven by “animal spirits” ignited by the outcome of the US election.

This favorable market reaction is not simply a short-term bounce, Evercore said, but signals the start of a broader"performance chase" that will likely lift the market significantly over the coming months.), meanwhile, added to its 29% gain from last week on bets that a close Elon Musk and Donald Trump during the latter's second presidential term may benefit the EV maker.

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