Wall Street Rallies On Rate Cut Expectations; Nasdaq & S&P 500 Hit New Highs 

Wall Street Rallies On Rate Cut Expectations; Nasdaq & S&P 500 Hit New Highs
The stock market indices closed higher on July 5, with the Nasdaq and benchmark S&P 500 reaching record highs. This comes after data showing a slowdown in the US labour market, which has boosted expectations that the Federal Reserve may start cutting interest rates as early as September. Labour Department data indicated the US continued to add jobs in June but at a slower pace, with the unemployment rate rising to its highest level in over 2-1/2 years, while wage gains slowed. The Dow added nearly two-tenths of a per cent, the S&P gained more than half a per cent, and the Nasdaq climbed nine-tenths of a per cent. The rally was driven by major tech stocks such as Microsoft, which rose nearly 1.5%, and Meta Platforms, gaining nearly 6%.
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