S&P 500 Notches Another Record High

International Paper was biggest gainer in benchmark index
By Newser Editors and Wire Services
Posted Mar 19, 2024 3:56 PM CDT
S&P 500 Notches Another Record High
The New York Stock Exchange is shown on Tuesday, March 19, 2024.   (AP Photo/Peter Morgan)

Wall Street notched another record high Tuesday as traders wait to hear what the Federal Reserve will do with interest rates.

  • The S&P 500 shook off an early loss and rose 29.09 points, or 0.6%, to 5,178.51, beating the all-time high it set last week.
  • The Dow Jones Industrial Average rose 320.33 points, or 0.8%, to 39,110.76, just 21 points below last month's all-time high.
  • The Nasdaq composite rose 63.34 points, or 0.4%, to 16,166.79.
Treasury yields slipped in the bond market ahead of the Fed's announcement Wednesday about where it sees rates ending the year. In a historic move, Japan's central bank raised its benchmark interest rate back to at least zero.

International Paper jumped 11% for the biggest gain in the S&P 500 after it named Andrew Silvernail, an executive at investment company KKR, as its new CEO, the AP reports. Shares of Unilever that trade in the United States rose 2.8% after it said it was spinning off Ben & Jerry's and its ice cream business, while cutting 7,500 jobs. Nvidia, which has grown into one of the market's most influential stocks, went from an early drop of nearly 4% to a gain of 1.1% after unveiling new products at its developers' conference. Analysts called them powerful and said they would keep Nvidia ahead of competitors. Its stock has already more than tripled from the prior year.

On the losing end of Wall Street was Super Micro Computer, whose stock had earlier zoomed from less than $100 to more than $1,000 in a year. The seller of server and storage systems used in AI and other computing, sank 9% after it said it's looking to sell 2 million shares of its stock. Elsewhere on Wall Street, the focus was on the Federal Reserve. The Fed is beginning its latest meeting on interest rates, and it will announce its decision on Wednesday. The widespread expectation is for it to leave its main interest rate alone at a two-decade high. The hope is that it will indicate it still expects to cut rates three times later this year, as it hinted a few months ago.

(More stock market stories.)

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