Major stock market indexes in the United States closed higher on Monday after Fitch Ratings predicted the Federal Reserve will reduce its key interest rate by a total of 50 basis points by the end of the year. In the meantime, Fed Bank of Chicago President Austan Goolsbee said he thinks "many more cuts" will "likely" be needed throughout 2025.
The Dow Jones Industrial Average increased by 0.14% as Intel Corporation surged by 3.30%. The Nasdaq 100 grew by 0.31%. The S&P 500 advanced by 0.28%, closing at a new all-time high. Tesla Inc. was the best performer on the latter two indexes, skyrocketing by 4.93%
The euro declined by 0.44% against the dollar at 3:59 pm ET to sell for $1.11145.
