Wall Street drifts around its records following a worldwide rally
NEW YORK — U.S. stocks are drifting around their record levels on Wednesday after a rally spurred by hopes for lower U.S. interest rates wrapped around the world.
The S&P 500 rose 0.1%, coming off its latest all-time high. The Dow Jones Industrial Average was up 325 points, or 0.7%, as of 11:20 a.m. Eastern time, while the Nasdaq composite was virtually unchanged after setting its own record the day before.
Treasury yields eased in the bond market as expectations reached a virtual consensus that the Federal Reserve will cut its main interest rates for the first time this year at its next meeting in September. Lower rates can boost investment prices and the economy by making it cheaper for U.S. households and businesses to borrow to…
