Most U.S. stocks rose as the Federal Reserve cut interest rates again to make things easier for the economy.
The S&P 500 climbed 0.7% Thursday. The Dow Jones Industrial Average was barely changed, and the Nasdaq composite gained 1.5%.
The rate cut was widely expected. Federal Reserve Chair Jerome Powell said it’s too early to know how Donald Trump’s presidential victory will shift the Fed’s rate policies. Treasury yields remained lower following the Fed’s announcement. Bank stocks and smaller companies also lagged the market as other Trump trades lost momentum.
On Thursday:
The S&P 500 rose 44.06 points, or 0.7%, to 5,973.10.
The Dow Jones Industrial Average fell 0.59 points, or less than 0.1%, to 43,729.34.
The Nasdaq composite rose 285.99 points, or 1.5%, to 19,269.46.
The Russell 2000 index of smaller companies fell 10.23 points, or 0.4%, to 2,382.69.
For the week:
The S&P 500 is up 244.30 points, or 4.3%.
The Dow is up 1,677.15 points, or 4%.
The Nasdaq is up 1,029.54 points, or 5.6%.
The Russell 2000 is up 172.56 points, or 7.8%.
For the year:
The S&P 500 is up 1,203.27 points, or 25.2%.
The Dow is up 6,039.80 points, or 16%.
The Nasdaq is up 4,258.11 points, or 28.4%.
The Russell 2000 is up 355.62 points, or 17.5%.
Copyright © 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, written or redistributed.
