EDITOR'S NOTE
Finally. The S&P 500 reached a record on Monday, breaching its July 26 high of 3,027.98. The milestone comes after weeks of getting within striking distance of the previous record but always falling short. But stronger-than-expected earnings, combined with U.S.-China trade progress and diminishing fears around the economy, helped the S&P 500 break out to a fresh all-time high.
Apple, UnitedHealth and J.P. Morgan Chase were among the stocks pushing the S&P 500 to Monday’s record. Those stocks are the three biggest points contributors to the S&P 500 in October, CNBC’s Michael Sheetz writes. Chart analysts think Monday’s move sets up the S&P 500 for further gains, CNBC’s Tom Franck writes, while an analysis by CNBC’s Maggie Fitzgerald revealed Wall Street is betting on companies such as Amazon, Boeing and Disney to lead the bull market’s next leg higher.
The Fed is expected to announce a 25 basis-point rate cut on Wednesday. But CNBC’s Patti Domm reports economists and market experts are divided on what the Fed will do following this week’s meeting. Some are forecasting the Fed will keep cutting rates, while others see the Fed raising the bar for further easing down the road.
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