AI boom, Fed rate cuts lift U.S. stocks to new highs in 2024
The S&P 500, Dow and Nasdaq are near record highs and are on track to end higher for a second straight year. A nearly 100-basis point cut in interest rates in 2024 by the Federal Reserve and a rally in technology stocks in anticipation of boost to corporate profits from artificial intelligence powered a strong surge in equities in 2024. The S&P 500 tech, communications services and consumer discretionary have jumped more than 30% this year.