The post Dow Jones and S&P 500 soar to record highs on rate cut rally appeared on BitcoinEthereumNews.com.

Key points The market rallied Thursday one day after the Fed cut rates by 50 basis points. The S&P 500 and Dow Jones both set new record highs. Semiconductor stocks and bank stocks led the rally. It was a great day for stocks, as the markets responded positively to the Fed’s interest rate cuts. It was somewhat of a delayed reaction, as the markets seemed to take the Federal Reserve’s massive 50 basis point interest rate cut in stride on Wednesday afternoon. But after some time to digest the news, markets rallied on Thursday, with both the S&P 500 and Dow Jones Industrial Average touching record highs. On Thursday, the Dow Jones Industrial Average was up 522 points, or 1.3%, rising above 42,000 points for the first time to 42,025. The S&P 500 also hit a record high, as it was up 95 points, or 1.7%, to an all-time high of 5,714. The tech-heavy Nasdaq Composite had the biggest day, surging 441 points, or 2.5%, to break back over 18,000 for the first time since July, finishing the day at 18,014. The small cap Russell 2000 was also having a good day, rising 45 points, or 2.0%, to 2,251. Tech stocks and banks lead the rally The interest rate cuts sparked a rally across the board, but semiconductor stocks were the biggest gainers. The largest chipmaker, NVIDIA (NASDAQ:NVDA), rose about 5% on the day to $119 per share, but AMD (NASDAQ:AMD) was the fastest mover, rising 6.6% to $158 per share. ASML Holding (NASDAQ:ASML), up 6%, GlobalFoundries (NASDAQ:GFS), up 5.8%, ON Semiconductor (NASDAQ:ON), up 5.6%, Marvell Technology (NASDAQ:MRVL), up 5.6%, and Broadcom (NASDAQ:AVGO), up 4.8%, were also some of the leading semiconductor stocks on Thursday. In addition, banks were big movers on Thursday, which is a sign that investors are…

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Filed under: News - @ September 20, 2024 5:25 am