S&P 500 and Dow Jones Hit Record Highs After Fed's Rate Cut, Up 1.7% and 11%

Sep 19, 2024, 08:09 PM

The US stock market reached new record highs on September 19, 2024, following the Federal Reserve's decision to implement a half-point interest rate cut. The S&P 500 closed at 5,713.6, marking a 1.7% increase and its 39th record high of the year, extending its 2024 surge to approximately 20%. The Dow Jones Industrial Average also set a new record, closing above 42,000 for the first time at 42,025, an 11% increase for the year. The S&P 500 is up 32% year/year and hit its first record since July. Wall Street traders are optimistic that the Federal Reserve's actions will help engineer a soft landing for the economy, contributing to the market's strong performance.