Market Commentary - Foreign Markets
US stocks firmly positive; S&P 500, Dow at Record High As on : 20-Sep-24  10:01

US equities rallied on Thursday after the Federal Reserve's 50 basis point rate cut. The major averages pulled back off their best levels late in the trading session but remained firmly positive. The Dow jumped 522.09 points or 1.3 percent to 42,025.19, the Nasdaq soared 440.68 points or 2.5 percent to 18,013.96 and the S&P 500 surged 95.38 points or 1.7 percent to 5,713.64.

Tech stocks led the charge, with Nvidia and AMD spiking 4% and 5.8%, while Meta and Alphabet climbed 3.9% and 1.5%. Sectors tied to economic growth, like financials and industrials, also benefited. JPMorgan Chase rose 1.4%, while Caterpillar and Home Depot gained 5.2% and 1.7%, respectively.

The rally on Wall Street came as traders continued to digest the Federal Reserve's decision on Wednesday to slash interest rates by half a percentage point. Adding to the optimism about the economy, the Labor Department released a report showing first-time claims for U.S. unemployment benefits unexpectedly fell to a nearly four-month low in the week ended September 14th. The report said initial jobless claims slid to 219,000, a decrease of 12,000 from the previous week's revised level of 231,000.The yield on the benchmark ten-year note, which moves opposite of its price, climbed 5.5 basis points to 3.740 percent.

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