Broadening U.S. market rally gets boost from dovish Fed
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A reassuring economic outlook and dovish signals from the Federal Reserve are encouraging investors to look beyond the massive growth and technology stocks that have fueled the U.S. stock market’s gains over the past year. The financials, industrials, and energy sectors are also outperforming the S&P 500′s 9.7% year-to-date gain. The Fed expressed confidence it would be able to tamp down inflation and cut interest rates this year, even as it raised its forecast for how much the U.S. economy will grow. The Magnificent Seven - Apple, Nvidia, Alphabet, Tesla, Microsoft, Meta Platforms, and Amazon - have been responsible for 40% of the S&P 500′s gain as of Thursday. The broadening rally means that leadership isn’t so concentrated and susceptible to a correction. Some investors believe the group could get a boost from the Fed’s outlook, which kept in place a previous forecast of three 25 basis-point interest rate cuts, despite the central bank’s upgraded growth projections.