NEW YORK (AP) — Wall Street is rising toward records Thursday as a delayed jubilation sweeps markets worldwide following the Federal Reserve’s big cut to interest rates.
The S&P 500 was 2% higher in afternoon trading and above its all-time closing high set in July. The Dow Jones Industrial Average was up 645 points, or 1.6%, and on track to top its record set on Monday. The Nasdaq composite was 3% higher, as of 1:56 p.m. Eastern time.
The rally was widespread, and the company behind Olive Garden and Ruth’s Chris, Darden Restaurants, helped lead the way with a jump of 8.7% after saying its sales trends have been improving since a sharp step down in July. It also announced a delivery partnership with Uber.
Nvidia, meanwhile, barreled 5.2% higher and was once again the strongest force lifting the S&P 500. Lower interest rates weaken criticism by a bit that its stock price and other influential Big Techs’ look too expensive following the frenzy around artificial-intelligence technology.
Big Sal
Article URL : https://apnews.com/article/stock-markets-rates-inflation-powell-a64fe0c4c099fa2469a8a6a4441f1189