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8h ago

U.S. Stocks Set Record Closes After Fed’s Quarter-Point Cut

Policymakers projected roughly another half-point of reductions this year, bolstering expectations for easier financial conditions.

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Overview

  • The Dow Jones Industrial Average rose 124.10 points to 46,142.42, a record closing high.
  • The Nasdaq Composite added 209.40 points to 22,470.73, and the S&P 500 also finished at an all-time close.
  • The FOMC cut its benchmark rate by 0.25 percentage point, the first reduction since December and the first in nine months.
  • Fed participants indicated about 0.5 percentage point of additional easing this year, a signal that supported risk appetite.
  • Chip shares advanced after Nvidia said it would invest in Intel, and the yen weakened to the low ¥148s per dollar after U.S. jobless claims came in below forecasts.