Market Outlook: S&P 500 Poised for Record Highs Amid Powell's Testimony
The stock market is on an upward trajectory, with the S&P 500 and Nasdaq Composite reaching record highs as investors monitor a potential pullback. Federal Reserve Chair Jerome Powell's semiannual testimony to Congress is eagerly anticipated for insights on the economy and inflation.
Although concerns about a 10% correction linger, the market rally, driven by AI-linked stocks and big tech surges, persists. Analysts are reassessing S&P 500 targets amidst a backdrop of strong corporate earnings and hopes for interest rate cuts.
Powell's statements hinting at rate cuts have boosted Wall Street optimism, despite the need for continued 'good data' to solidify confidence.
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