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The S& P 500 closed at a record high on Thursday, helped by Wall Street's expectation that the Federal Reserve (FED/Fed) will cut interest rates as early as next month, in an attempt to halt economic growth as a result of the Sino-US trade war.
All 11 S&P 500 sectors rose today after the Federal Reserve announced on Wednesday that interest rates would remain unchanged at the end of a two-day policy meeting, but promised to "take appropriate action" to maintain economic expansion.
Major Wall Street stock indexes have risen in recent weeks as the market expects the United States to cut interest rates and hopes that the United States and China will resume trade negotiations at the G20 summit next Sunday.
The S& P 500 closed higher than its previous record high on May 3. The index has risen by about 7% so far in June.
"In the past, the Federal Reserve has had difficulty meeting high expectations in the market. But this time, despite the high thresholds, policymakers seem to have eased through and left a lot of room for manoeuvre, "said Craig Erlam, senior market analyst at OANDA in London.
The Federal Reserve was more dovish than expected, leading to a sharp drop in U.S. Treasury yields, with the benchmark 10-year yields falling below 2%, for the first time in more than two and a half years.
Among the 11 major sectors of the S&P 500 index, energy stocks rose 2.21%, the biggest increase, with oil prices soaring more than 5% as tensions in the Middle East re-emerged after Iran shot down a U.S. military drone.
"The S& P 500's new high today may just be an empty joy," warned Jake Dollarhide, chief executive of Longbow Asset Management. "Tensions in Iran are brewing and may spread, sparking global panic."

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