U.S. shares were set to drift higher today, the Associated Press reports, after rallying to records on Wednesday following indications from the Federal Reserve that it expects to deliver interest rate cuts later this year. Dow futures were up 0.4% at 40,081.00 this morning, and S&P 500 futures rose 0.4% to 5,309.50.
On Wednesday, the S&P 500 jumped 0.9% to 5,224.62, an all-time high for a second straight day. The Dow Jones Industrials surged 1%, and the Nasdaq composite roared 1.3% higher.
The Federal Reserve’s survey of its policy makers showed the central bank still expects to deliver three cuts to interest rates in 2024. That’s the same number as it had penciled in three months earlier, and expectations for the relief that such cuts would provide are a big reason U.S. stock prices have set records.
In other trading early today, benchmark U.S. crude rose 40 cents to $81.67 per barrel. Brent crude, the international standard, added 41 cents to $86.36 per barrel.
The U.S. dollar rose to 151.34 Japanese yen from 151.26 yen.
