Wall Street Gains on Rate Cut Hopes and Economic Indicators
Wall Street edged higher with the S&P 500 and Nasdaq nearing record highs following a cease-fire between Israel and Iran and positive economic indicators. Analysts predict rate cuts by the U.S. Federal Reserve this year. Bank stocks rose after the Fed proposed relaxing leverage regulations, hinting at potential further deregulation.
Wall Street saw upward momentum as the S&P 500 and Nasdaq approached new highs, buoyed by a stable Israel-Iran ceasefire and supportive economic indicators suggesting upcoming Federal Reserve rate cuts.
Bank stocks surged after the Fed's proposal to ease leverage regulations, reflecting the administration's deregulatory approach.
Fed officials, including Richmond's Thomas Barkin and Boston's Susan Collins, have varied stances on rate cuts amid economic uncertainty, while Jerome Powell maintains a wait-and-see stance. The market anticipates possible rate cuts starting in September.
(With inputs from agencies.)
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