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<US>DJIA Ends Up 260 Pts on Rising Rate Cut Expectations This Yr; JPM Rallies w/ Other Beneficiaries
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As expected, the Fed has announced its first rate cut since December 2024, lowering the benchmark overnight rate by a quarter percentage point to 4-4.25%. Fed Chairman Jerome Powell, after the meeting, described this rate cut as a risk management cut instead of the beginning of a long-term rate cut cycle. The US stock market went through turbulence on Wednesday. The DJIA hit a new high after the announced rate cut, closing up 260 points or 0.6% at 46,018. The S&P 500 fell 6 points or 0.1% throughout the day, barely holding onto 6,600. The Nasdaq ended down 72 points or 0.3% at 22,261. Tech stocks retreated across the board. Nvidia (NVDA.US) slipped 2.6% at close amid reports that it has been banned by China from selling its chips to tech companies in the country. In contrast, Walmart (WMT.US), JPMorgan (JPM.US), and American Express (AXP.US) rallied on the back of lower interest rates, driving the DJIA and the overall market upward. AAStocks Financial News |
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