US stocks close at record highs on dovish Fed hopes

STOCKS SURGE: Stock Market Sets NEW RECORD, Prices Jump After Trump, Xi Meeting

The Federal Reserve is widely expected to cut benchmark U.S. interest rates by 0.25 percentage points at its upcoming July 30-31 meeting.

The Dow Jones Industrial Average ended trading on Wednesday at 26,966, up 179 points and breaking the record set nine months ago. The Nasdaq rose 61 points, or 0.8%, to 8,170. The S&P 500 is up more than 1% week-to-date and posted back-to-back record closes on Tuesday and Wednesday.

'The market is going to expect a rate cut if there is a weak report, ' Krosby said.

Those cuts would be welcome news to some investors, who have been looking for one. A rally in technology shares pushed the tech-heavy Nasdaq composite 0.8% higher to 8,170.23.

The benchmark index hit an intraday high of 2,977.93, surpassing its previous record high of 2,964.15 touched on June 21, as the truce agreed upon at the G20 summit boosted risk appetite. In Hong Kong, the Hang Seng edged 0.1% lower to 28,846.87.

"Clearly the trade truce with China has been a catalyst for the market even though there remain uncertainties", said Quincy Krosby, chief market strategist at Prudential Financial. "If technology continues to be strong and the semiconductors get some kind of bounce, that could probably push the S&P 500 through it 3,000".

The action in bond markets buoyed stocks.

Investors also awaited a Commerce Department report, due at 10:00 a.m. ET, that is likely to show factory orders fell 0.5% in May, after slipping 0.8% in April.

U.S. star Megan Rapinoe out of starting lineup for World Cup semifinal
I had no idea where we were headed and how we were going to get there. "That's planning and preparation for staff". They have to force turnovers and go straight for the counter-attack once they win the ball back.

Washington's proposed tariffs on $4 billion worth of European Union goods in a long-running dispute over aircraft subsidies unnerved investors and came just as trade tensions with China seemed to be easing.

"We're not done yet, but we're hopeful", he said.

The S&P 500 index rose to 2,964.33.

The benchmark US 10-year Treasury yields slipped to their lowest since November 2016, while euro zone yields tumbled to record lows on bets the European Central Bank's next chief would stay a dovish course.

In commodity markets, oil slumped on data showing a smaller-than-expected decline in USA crude stockpiles and worries about the global economy.

Front-month Brent crude futures, the worldwide benchmark for oil prices, were down 0.7% at $63.38 per barrel, while U.S. West Texas Intermediate (WTI) crude futures were down 0.7% at $56.97 per barrel. It fell $2.84 to settle at $56.25 a barrel overnight.

Crude oil and gold all moved higher. settled up $1.09 to $57.34 a barrel. for September delivery finished up $1.42 to $63.82. added $12.90 to $1,420.90 an ounce in NY. It lost $2.66 to close at $62.40 a barrel on Tuesday.

The dollar fell to 107.84 Japanese yen from 108.46 yen on Friday. The euro fell to $1.1278 from $1.1285.

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