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A tech-led rally brought new record highs for the S&P 500 (^GSPC) and Nasdaq Composite (^IXIC) Thursday as investors digested a fresh interest rate cut from the Federal Reserve and Donald Trump’s electoral victory.
In a widely expected move, the Fed cut interest rates by 25 basis points on Thursday, lowering its benchmark rate to a range of 4.5% to 4.75%.
The S&P 500 rose roughly 0.7%, while the tech-heavy Nasdaq Composite moved nearly 1.5% as shares of chip heavyweight Nvidia (NVDA) and e-commerce giant Amazon (AMZN) rose to new highs.
Meanwhile, the Dow Jones Industrial Average (^DJI) traded right around the flat line, on the heels of a 1,500-point gain that marked the blue-chip gauge’s best day since 2022. In bonds, a recent move higher in yields took a breather, with the 10-year Treasury yield (^TNX) falling about 8 basis points to 4.34%.
Spirits still appeared buoyant after Trump’s presidential election win, which sent all three major stock gauges soaring to fresh record highs on Wednesday. His plans for corporate tax cuts and deregulation have fueled optimism for a boost to the economy that will feed into stocks.
Powell was asked multiple times on Thursday about how an incoming Trump administration could impact the Fed’s path forward.
"In the near term, the election will have no effect on our policy decisions," Powell said. When questioned whether he’d step down as Fed chair if asked to do so by Trump, Powell simply said "no."
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