S&P 500 surges to record high close on euphoria over Fed rate cut
==========

On September 19, 2024, the S&P 500 surged 1.70% to a record high close of 5,713.64 points following a 50 basis point interest rate cut by the Federal Reserve. The Dow Jones Industrial Average also reached a record high, closing above 42,000 for the first time at 42,025.19 points. Major stocks like Tesla, Apple, and Meta Platforms saw significant gains, with Tesla rising over 7%. The Nasdaq increased by 2.51% to 18,013.98 points. Fed Chair Jerome Powell expressed confidence in the economy, indicating potential future rate cuts. BofA Global Research revised its forecast to expect a total of 75 basis points in rate cuts by year-end. The small-cap Russell 2000 index rose 2.1%. Advancing stocks outnumbered declining ones by a 3.8-to-one ratio, with heavy trading volume of 12.3 billion shares.

#S&p500 #DowJones #FederalReserve #InterestRates #StockMarket #RecordHigh #Tesla #Apple #Nvidia #EconomicOutlook

https://www.nst.com.my/business/corporate/2024/09/1108040/sp-500-surges-record-high-close-euphoria-over-fed-rate-cut