Wall Street soars to record highs in a global market rally after Fed's interest rate cut
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Wall Street reached record highs on Sep 19, 2024, following the Federal Reserve's first interest rate cut in over four years. The S&P 500 rose 1.7%, surpassing its previous all-time high from July. The Dow Jones Industrial Average increased by 522 points (1.3%), and the Nasdaq composite surged 2.5%. Darden Restaurants led the S&P 500 with an 8.3% increase, while Nvidia rose 4%. The Fed's decision to cut rates was influenced by decreasing inflation and aims to maintain job market stability. Analysts predict further cuts, with expectations of a half-point reduction in 2024 and a full point in 2025. The current federal funds rate is between 4.75% and 5%. Global markets also rallied, with significant gains in Europe and Asia. Bitcoin rose above $63,000, reflecting the impact of lower interest rates on investment prices.

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https://www.pbs.org/newshour/economy/wall-street-soars-to-record-highs-in-a-global-market-rally-after-feds-interest-rate-cut