🚨Stock Market Today: S&P 500 closes higher as rate cut hopes fuel rally 🥹🙏🏻

At 16:00 ET, the S&P 500 increased by 1%, the Nasdaq Composite rose 1.2%, and the Dow Jones Industrial Average increased by 0.5%. Traders are betting on rate cuts starting as early as September, though probabilities remain around 44%, according to the CME Fedwatch tool. Federal Reserve officials hinted at potential rate cuts in response to slowing job growth. However, uncertainties loom over a Gaza ceasefire deal, while various companies experienced notable shifts: Spirit Airlines Inc (NYSE:SAVE) fell 10% due to wider-than-expected Q1 losses, Warren Buffett’s Berkshire Hathaway B (NYSE:BRKb) saw a 1% increase following a 40% jump in Q1 operating earnings, and Micron Technology Inc (NASDAQ:MU) received an upgrade from Baird with a higher price target citing optimistic growth prospects.

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