NEW YORK: The S&P 500 sputtered to a record high close on Monday, rebounding from a brief setback after Federal Reserve Chair Jerome Powell said the U.S. central bank is in no hurry to implement further interest rate cuts.
The Dow also posted an all-time closing high. The three major U.S. stock indexes registered gains for the quarter and for the month. Powell, at a National Association for Business Economics conference in Nashville, Tennessee, said he sees two more rate cuts, totaling 50 basis points, this year as a baseline if the economy evolves as expected.
