Large-capitalization U.S. stocks have hit a new high this week, and significant credit for this feat can be given to the Federal Reserve.
Since the Fed instituted its first interest rate cut at the end of July, the S&P 500 index SPX, -0.03% has shown remarkable resilience, rising 2% to a record high, despite the imposition of higher tariffs on Chinese imports, growing evidence of a global manufacturing recession and corporate earnings growth that has been flat at best.
