Here Are 3 Hot Things to Know About Stocks Right Now
- The Dow Jones Industrial Average, the S&P 500, and the Nasdaq all closed at record highs Friday as investors continued to expect an interest rate cut from the Federal Reserve.
- Facebook (FB) was the target of criticism from President Donald Trump, who, along with a growing list of regulators and lawmakers, is concerned with the social media giant’s plans to launch a global digital currency. Late Friday reports emerged that the FTC has approved a $5 billion settlement with Facebook in a privacy case. Facebook is Real Money’s Stock of the Day.
- Industrial equipment maker Hillenbrand (HI) said it has agreed to buy plastics-processing equipment maker Milacron Holdings (MCRN) in a cash-and-stock deal valued at about $2 billion, including debt.
Wall Street Overview
The Dow Jones Industrial Average, the S&P 500, and the Nasdaq all closed at record highs Friday as investors continued to expect interest rate support from the Federal Reserve while betting on the underlying strength of the domestic economy.
The Dow, which passed 27,000 for the first time ever in trading Thursday, rose 243 points, or 0.90%, to 27,332.03. The S&P 500, which passed 3,000 for the first time on Wednesday, advanced 0.46% to 3,013.77. The Nasdaq rose 0.59% to end at 8,244.14.
Fed Chairman Jerome Powell on Thursday repeated his view that U.S. interest rates have room to go lower in the coming months, despite a surprise uptick in consumer prices in June, telling lawmakers on the Senate Banking committee that historic connections between low unemployment and rising wages and inflation are less evident in the changing U.S economy.