[New York Stock Market] Rate Cut Optimism Spreads... All Three Major Indexes Hit Record Highs

As investor sentiment continued to improve following the resumption of interest rate cuts by the US Federal Reserve (Fed), all three major New York stock indexes simultaneously reached record highs.

On the 19th (local time) in New York, the Dow Jones Industrial Average closed at 46,315.27, up 172.85 points (0.37%) from the previous session.

Reuters Yonhap News

The Standard & Poor's 500 Index, which focuses on large-cap stocks, finished at 6,664.36, up 32.40 points (0.49%) from the previous session. The tech-heavy Nasdaq Composite Index ended at 22,631.48, rising 160.75 points (0.72%).

After the Fed's decision to cut rates on the 17th, positive investor sentiment persisted, and for the second consecutive day, all three major indexes closed at record highs.

Expectations for improved US-China relations also rose following reports that US President Donald Trump and Chinese President Xi Jinping agreed to meet at the Asia-Pacific Economic Cooperation (APEC) summit, which will open in Gyeongju, South Korea, at the end of next month.

Major technology stocks led the gains, with Apple rising 3.11% after launching its new iPhone, while Tesla gained 2.21% and Microsoft added 1.86%. On a weekly basis, the Dow Jones and S&P 500 indexes rose 1% and 1.2%, respectively, while the Nasdaq index climbed 2.2% this week.

Meanwhile, according to the electronic trading platform Tradeweb, the yield on the 10-year US Treasury note stood at 4.13% near the close of the New York stock market, up 3 basis points from the previous session.

International gold prices also rose. On the New York Mercantile Exchange, December gold futures settled at $3,705.8 per ounce, up 0.7% from the previous session.