Hello traders everywhere. Stocks traded higher and closed at record highs on this holiday-shortened day as investors bet on a possible rate cut from the Federal Reserve later this month after the release of weaker-than-expected economic data.
The S&P 500, DOW and NASDAQ all closed at record highs today. The S&P 500 posted a close of 2,995.82, the DOW 26,966.00 and NASDAQ rounded out the record closes at 8,170.23, just shy of its all-time high of 8,176.08.
Private payrolls in the U.S. increased by 102,000 in June, ADP and Moody's Analytics said. Economists polled by Dow Jones expected growth of 135,000.
The disappointing data strengthens the Fed's case for lowering rates at its monetary policy meeting at the end of July. Last month, the central bank opened the door to easier monetary policy by stating it will "act as appropriate" to maintain the current economic expansion.
Key Levels To Watch This Week:
- S&P 500 (CME:SP500): 2,874.68
- Dow (INDEX:DJI): 25,958.66
- NASDAQ (NASDAQ:COMP): 8,176.08
- U.S. Dollar (ICE:DX): 97.67
- Gold (NYMEX:GC.Q19): 1,386.20
- Crude Oil (NYMEX:CL.N19): 59.19
- Bitcoin (BITCOIN:BITSTAMPUSD): 7,511.41