The Ultra Luxury Report Is Here, Stocks Rise After Powell Signals Fed Rate Cuts Ahead, "We’re Not Going to See Home Sales Go Gangbusters Because of One Rate Cut By the Fed.
The ultra-luxury real estate market in the US exhibited exceptional strength in the first half of 2024, with 838 homes sold publicly at $10 million-plus, totaling $14.66 billion in sales volume and surpassing H1 2023 figures. This data, paired with top Compass agent insights, can be found in our 2024 Mid-Year Ultra-Luxury Report.
Stocks Rise After Powell Signals Fed Rate Cuts Ahead
Stocks rose Friday after Federal Reserve Chair Jerome Powell indicated interest rate cuts were on the horizon. The Dow Jones Industrial Average climbed 360 points, or 0.9%. The S&P 500 gained 0.9%. The Nasdaq Composite advanced 1.2%. With Friday’s gains, the three major averages are heading for a winning week despite some choppiness.