Stocks surge a day after Federal Reserve's first interest rate cut since 2020
CBSN
Stocks on Wall Street soared Thursday a day after the Federal Reserve slashed its benchmark interest rate by 0.50 percentage points, with investors cheering the central bank's move to head off a slowdown in U.S. economic growth.
The Dow Jones Industrial Averages jumped 479 points, or 1.1%, as of 10:02 a.m. Eastern time to 41,982. The S&P 500 climbed 87 points, or 1.6%, while the tech-heavy Nasdaq jumped 2.3%.
"Stocks are exploding higher as markets absorb the Fed's outsized rate cut," Adam Crisafulli of Vital Knowledge said in a note to investors.
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