Bulls are stampeding across Wall Street on Thursday in the wake of the Federal Reserve’s decision to cut interest rates for the first time in over four years.
The central bank’s bold move, a 50-basis-point cut, caught analysts off guard and sent the U.S. stock market to fresh record highs at the opening of Thursday’s session.
The S&P 500 soared to a new all-time high, reaching 5,700 points. Similarly, the Dow Jones Industrial Average climbed to an unprecedented 42,000 points.
In the first 30 minutes of trading, the S&P 500 and Dow Jones rose by 1.4% and 1%, respectively. The Nasdaq 100 climbed 1.5%, although the Russell 2000, representing small-cap stocks, outperformed with a surge of over 2%.
The market rally was primarily driven by the Magnificent Seven: Microsoft Corp. (NYSE:MSFT), Apple Inc. (NASDAQ:AAPL), NVIDIA Corp. (NASDAQ:NVDA), Alphabet Inc. (NASDAQ:GOOG) (NASDAQ:
