Mortgage Rates Drop, Oil Prices Fall Amid Stock Index Surge
Sectors & Industries
June 12, 2024
U.S. stock indexes rebounded, with the NASDAQ and S&P 500 hitting new highs, driven by AI enthusiasm.
May's jobs growth of 272,000 exceeded forecasts, raising bond yields amid bets the Fed would not cut rates in September due to a strong economy.
Large-cap growth stocks outperformed others. On the positive side, mortgage rates dipped below 7% for the first time in 10 months and oil prices fell after OPEC+ announced they'd be phasing out production cuts.
The European Central Bank cut interest rates .25% last week, marking confidence in fighting inflation.
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