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<US>DJIA Ends Up 260 Pts on Rising Rate Cut Expectations This Yr; JPM Rallies w/ Other Beneficiaries
As expected, the Fed has announced its first rate cut since December 2024, lowering the benchmark overnight rate by a quarter percentage point to 4-4.25%.Fed Chairman Jerome Powell...
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<US>DJIA Ends Up 260 Pts on Rising Rate Cut Expectations This Yr; JPM Rallies w/ Other Beneficiaries
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As expected, the Fed has announced its first rate cut since December 2024, lowering the benchmark overnight rate by a quarter percentage point to 4-4.25%.

Fed Chairman Jerome Powell, after the meeting, described this rate cut as a risk management cut instead of the beginning of a long-term rate cut cycle.

Related NewsAPI Crude Oil Stock Change for Sep/12 in United States is -3.42M, lower than the previous value of 1.25M. The forecast was -1.6M.
The US stock market went through turbulence on Wednesday. The DJIA hit a new high after the announced rate cut, closing up 260 points or 0.6% at 46,018. The S&P 500 fell 6 points or 0.1% throughout the day, barely holding onto 6,600. The Nasdaq ended down 72 points or 0.3% at 22,261.

Tech stocks retreated across the board. Nvidia (NVDA.US)      slipped 2.6% at close amid reports that it has been banned by China from selling its chips to tech companies in the country.

In contrast, Walmart (WMT.US)      , JPMorgan (JPM.US)      , and American Express (AXP.US)      rallied on the back of lower interest rates, driving the DJIA and the overall market upward.
(Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)

Related NewsInitial Jobless Claims for Sep/13 in United States is 231K, lower than the previous value of 264K. The forecast was 240K.

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