Derek Saul is a New Jersey-based Senior Reporter on Forbes' news team. He graduated in 2021 from Duke University, where he majored in Economics and served as sports editor for The Chronicle, Duke's student newspaper, joining Forbes soon thereafter.
Equities soared globally Thursday as investors absorbed the Federal Reserve ’s jumbo interest rate cut, though stocks’ bond market counterpart appears not to be sold on the Fed cut.The Dow Jones Industrial Average rose as much as 1.3% to a new record of 42,105, the S&P 500 rose about 1.5% to its new all-time high of 5,723 and the tech-heavy Nasdaq surged roughly 2.5%, though it remains about 3.5% below its July peak.
The rally comes after a choppy Wednesday trading session as Wall Street reacted to the Fed’s cut in real-time, as the Dow and S&P spiked to all-time highs shortly after the Fed’s afternoon decision,all three major U.S. indexes closed in the red, even though the central bank opted for the more stock-friendly route of lowering rates by 50, not 25, basis points.
Stocks abroad jumped as well, as Hong Kong’s Hang Seng and Japan’s Nikkei 225 indexes rallied about 2% apiece and Europe’s Stoxx 600 and the U.K’s FTSE 100 indexes both gained about 1%. A host of big-name stocks soared Thursday morning, with the likes of Apple, Goldman Sachs, Nvidia and Tesla all up more than 2%, while information technology was the S&P’s best-performing sector, rising about 2.5%.The bond market has struggled following the rate cut, as the yield for the benchmark 10-year U.S. Treasury note have gained some 10 basis points from its 3.65% level just after the Fed announcement to Thursday’s 3.75%, the highest yield in two weeks.
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