Topline
Equities soared globally Thursday as investors absorbed the Federal Reserve’s jumbo interest rate cut, though stocks’ bond market counterpart appears not to be sold on the Fed cut.
Traders work on the floor of the New York Stock Exchange on Wednesday.
Key Facts
Shortly after market open, the Dow Jones Industrial Average rose 1.3% to a new record of 42,105, the S&P 500 rose 1.6% to its new all-time high of 5,713 and the tech-heavy Nasdaq surged 2.3%, though it remains 4% below its July peak.
The rally comes after a choppy Wednesday trading session as Wall Street reacted to the Fed’s cut in real-time, as the Dow and S&P spiked to all-time highs shortly after the Fed’s afternoon decision, before all three major U.S. indexes closed in the red, even though the central bank opted for the more stock-friendly route of lowering rates by 50, not 25, basis points.
Stocks abroad jumped as…
