All three major Wall Street indexes closed at record highs on Thursday (September 19) after the Federal Reserve continued easing interest rates and indicated the possibility of further rate cuts this year.
The S&P 500 rose 0.5% and the Nasdaq 100 jumped 0.9%, both extending their record highs from the previous session, while the Dow Jones Industrial Average rose 123 points. Investors welcomed the Fed's quarter-point rate cut and the prospect of two additional cuts, interpreting the move as a shift toward supporting growth rather than strictly controlling inflation.
Technology stocks led the rally, with Intel surging more than 22% after Nvidia announced a $5 billion investment to co-develop chips, while Nvidia rose 3.5%. On the economic front, initial jobless claims fell sharply to 231,000 from a four-year high, easing some concerns about a weakening labor market. (alg)
Source: Trading Economics
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