Dow soars to fresh record high, small caps surge on rate cut bets
Wednesday, 17 July 2024
The records were driven partly by outsized gains for Bank of America and Dow member UnitedHealth Group following earnings reports, as well as an ongoing rotation of funds towards smaller companies that have underperformed in 2024 but are expected to be boosted by Federal Reserve interest rate cuts. Economically sensitive small caps extended their rally.
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