Wall Street soars to records as Dow leaps 500 in a rate-cut rally that swept the world
Wall Street romped to records as a delayed jubilation swept markets worldwide following the Federal Reserve’s big cut to interest rates
NEW YORK (AP) — Wall Street romped to records Thursday as a delayed jubilation swept markets worldwide following the Federal Reserve’s big cut to interest rates.
The S&P 500 jumped 1.7% for one of its best days of the year and topped its last all-time high set in July. The Dow Jones Industrial Average leaped 522 points, or 1.3%, to beat its own record set on Monday, and the Nasdaq composite led the market with a 2.5% spurt.
The rally was widespread, and the company behind Olive Garden and Ruth’s Chris, Darden Restaurants, led the way in the S&P 500 with a jump of 8.3%. It said sales trends have been improving since a sharp step down in July, and it announced a delivery partnership with Uber.
Nvidia, meanwhile, barreled 4% higher and was one of the strongest forces lifting the S&P 500. Lower interest rates weaken criticism by a bit that its shares and those of other influential Big Tech companies look too expensive following the frenzy around artificial-intelligence technology.
