S&P 500 surges to record high close on euphoria over Fed rate cut
By Noel Randewich and Purvi
Agarwal
Thu September 19, 2024 4:56 PM
Investors had to sleep on it overnight but ultimately decided this morning that this ½ point rate cut was a great thing and all three indexes went through the roof right out the gate and stayed there all day, closing with very substantial 3-digit gains, the Dow and Nasdaq both achieving new record highs. In fact, today BofA Research has forecasted an additional ¾ points in cuts before year-end. It also helped that jobless claims were better than expected. Even banking got a big boost with the S&P index climbing 2.5%. Volume was heavy at 12.3 billion, considerably above the 10.8 billion-average.
DJ: 41,503.10 -103.08 NAS: 17,573.30
-54.76 S&P: 5,618.26
-16.32 9/18
DJ: 42,025.19 +522.09 NAS: 18,013.98
+440.68 S&P: 5,713.64
+95.38 9/19
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