Wall Street leapt to record highs as delayed jubilation swept across markets worldwide following the Federal Reserve’s big cut to interest rates.
The S&P 500 jumped 1.7% Thursday, beating the all-time closing high it set in July. The Dow Jones Industrial Average rose 1.3%, also a record, and the Nasdaq composite climbed 2.5%.
The gains followed rallies for markets across Europe and Asia. Some reports on the U.S. economy helped bolster hopes that it can manage to avoid a recession as the Fed continues to cut interest rates now that inflation is receding.
On Thursday:
The S&P 500 rose 95.38 points, or 1.7%, to 5,713.64.
The Dow Jones Industrial Average rose 522.09 points, or 1.3%, to 42,025.19.
The Nasdaq composite rose 440.68 points, or 2.5%, to 18,013.98.
The Russell 2000 index of smaller companies rose 46.37 points, or 2.1%, to 2,252.71.
For the week:
The S&P 500 is up 87.62 points, or 1.6%.
The Dow is up 631.41 points, or 1.5%.
The Nasdaq is up 330 points, or 1.9%.
The Russell 2000 is up 70.21 points, or 3.2%.
For the year:
The S&P 500 is up 943.81 points, or 19.8%.
The Dow is up 4,335.65 points, or 11.5%.
The Nasdaq is up 3,002.63 points, or 20%.
The Russell 2000 is up 225.63 points, or 11.1%.
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