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S&P 500 Hits Record High on Dovish Fed and Trade Optimism

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US stock market rallies to new heights

This morning the US stock market opened on a strong bullish note after the Federal Reserve hinted at a cut in the interest rates yesterday. Also, renewed US-China trade optimism helped the S&P 500 Index reach new heights today. The world’s two largest economies have started trade negotiations once again ahead of US President Donald Trump and Chinese President Xi Jinping’s meeting next week.

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The S&P 500 hit a record high today

On June 20, the S&P 500 index opened at 2,955.18 and by 10:13 PM ET, it had posted a day high of 2,956.62, the index’s all-time high. Today’s the fourth consecutive session that the S&P 500 has traded on a positive note. During these four sessions, the index has gone up by 2.4%.

At the same time, large ETFs such as the SPDR S&P 500 ETF Trust (SPY) and the tech-heavy Invesco QQQ Trust were up by 2.3% and 1.9%, respectively.

Top S&P 500 performers

Today at 10:20 AM ET, Oracle (ORCL), which reported a solid May 2019 quarter on Wednesday is trading with 8.2% gains for the day at a record high.

In the fourth quarter of fiscal 2019, Oracle’s revenue went down by 1.1% YoY to $11.14 billion, but it was better than Wall Street analysts’ estimate of $10.93 billion. During the quarter, the company’s adjusted EPS rose by 17.2% YoY to $1.16, also better than analysts’ consensus estimate of $1.07.

Here are today’s other top gainer stocks that helped the S&P 500 reach new highs. Noble Energy (NBL) is up 5.4%, and Halliburton (HAL) is up by 4.8%. Schlumberger (SLB) and HollyFrontier (HFC) both were up by 4.4% each for the day.

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