U.S. stock markets finished at fresh record highs on Monday as investors continued last week's positive momentum following the Federal Reserve’s interest rate cut.
The Dow Jones Industrial Average added 61.3 points or 0.2%, to close at a record 42,124.7. The S&P 500 also extended all-time highs, gaining 0.3% to finish at 5,718.6, while the Nasdaq Composite ticked up by 0.1%, closing at 17,974.3.
The rally continued from last week, driven by the Federal Reserve's decision to lower interest rates by 50 basis points, marking its first rate cut in four years. Despite some initial volatility, the markets rebounded strongly, with all three major indices posting more than 1% gains for the week.
Investors on Monday turned their attention to fresh economic data, including a report showing that U.S. PMI manufacturing activity for August had fallen to a 15-month low. This data heightened anticipation for Thursday’s jobless claims report, which will offer further insight into the labor market's condition.
Ahead in Tuesday's trade, investors will closely monitor house price index data and CB consumer confidence.
On the bond markets, 10-year and 2-year rates were at 3.753% and 3.587%, respectively.
