Breaking News: S&P 500 Hits All-Time High Above 5,700 After Fed Rate Cut - Tech Stocks Surge
In a historic moment, the S&P 500 closed above 5,700 for the first time ever on Thursday, driven by a strong performance in the tech sector. This surge comes just a day after the Federal Reserve initiated an easing cycle by cutting its benchmark rate by 50 basis points.
At the closing bell, the S&P 500 gained 1.7% to reach a record high of 5,715.61, while the Dow Jones Industrial Average rose 532 points (1.3%) and the Nasdaq climbed 2.5%.
Tech giants such as Meta Platforms Inc, Apple Inc, and Tesla Inc led the charge, with chipmakers like NVIDIA Corporation and Intel Corporation also posting significant gains. The Fed's decision to cut rates has injected optimism into the market, with hopes of a soft landing as the rate-cutting cycle gets underway.
Analysts predict further rate cuts in the coming months, with Citi expecting another 50 bps reduction in November. This positive sentiment is supported by recent labor market data, which showed a decrease in jobless claims.
In other news, Darden Restaurants and Coursera Inc saw notable stock movements after striking deals with Uber Technologies and receiving a buy rating from Bank of America, respectively.
This market update underscores the importance of staying informed and seizing opportunities in a dynamic financial landscape. Whether you're a seasoned investor or just starting out, keeping abreast of market trends and economic indicators can help you make informed decisions to secure your financial future.