S&P 500 surges to record high close on euphoria over Fed rate cut
Federal Reserve cut interest rates by 50 basis points and indicated more rate cuts were on the horizon.
Heavyweight stocks that have enjoyed much of this year's stock market rally made fresh gains, with Tesla surging over 7%, and Apple and Meta Platforms each up almost 4%.
AI powerhouse Nvidia jumped 4%, helping lift the PHLX semiconductor index surge 4.3%.
Better-than-expected jobless claims data further stoked global risk appetite.
On Wednesday, the Federal Reserve announced a rate cut at the high end of expectations, and said it had greater confidence inflation was under control. Fed Chair Jerome Powell said the U.S. economy remained strong and the central bank would decide on the appropriate pace of future rate cuts.
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