U.S. Markets Hit New Highs as Gold Breaks $4,000 Barrier
U.S. markets hit new highs on Wednesday as the Nasdaq Composite and S&P 500 closed at record levels. Meanwhile, gold prices soared, breaking the $4,000 barrier for the first time. This came amidst mixed signals from the Federal Reserve and predictions of a prolonged government shutdown.
The tech-heavy Nasdaq Composite and the broad-based S&P 500 both ended the day at all-time highs, reflecting investor confidence. Dell Technologies (DELL) and Advanced Micro Devices (AMD) were among the top gainers, closing up 9% and 11.3% respectively.
The U.S. Federal Reserve's policy outlook remains uncertain. Most Fed members anticipate further easing, but some expressed caution according to the latest FOMC minutes. This has led to a rise in U.S. Treasury yields, with the 10-year yield at 4.13% and the 2-year yield at 3.58%.
Gold prices surged to a new milestone, topping $4,000 per ounce. This record-breaking rally was fueled by investors seeking safe havens. Gold funds attracted a staggering $35 billion by the end of September, with $17.3 billion flowing in during September alone.
Prediction markets are forecasting a U.S. government shutdown lasting around 22 days, indicating potential market volatility ahead.
Despite record closes for the Nasdaq Composite and S&P 500, investors are seeking safe havens like gold due to uncertainty surrounding Fed policy and the potential length of the government shutdown. Treasury yields have risen, reflecting these mixed market signals.
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