Wall Street leapt to record highs as delayed jubilation swept across markets worldwide following the Federal Reserve’s big cut to interest rates.
The S&P 500 jumped 1.7 percent Thursday, beating the all-time closing high it set in July. The Dow Jones Industrial Average rose 1.3 percent, also a record, and the Nasdaq composite climbed 2.5 percent.
The gains followed rallies for markets across Europe and Asia. Some reports on the U.S. economy helped bolster hopes that it can manage to avoid a recession as the Fed continues to cut interest rates now that inflation is receding.
On Thursday:
The S&P 500 rose 95.38 points, or 1.7 percent, to 5,713.64.
The Dow Jones Industrial Average rose 522.09 points, or 1.3 percent, to 42,025.19.
The Nasdaq composite rose 440.68 points, or 2.5 percent, to 18,013.98.
The Russell 2000 index of smaller companies rose 46.37 points, or 2.1 percent, to 2,252.71.
For the week:
The S&P 500 is up 87.62 points, or 1.6 percent.
The Dow is up 631.41 points, or 1.5 percent.
The Nasdaq is up 330 points, or 1.9 percent.
The Russell 2000 is up 70.21 points, or 3.2 percent.
For the year:
The S&P 500 is up 943.81 points, or 19.8 percent.
The Dow is up 4,335.65 points, or 11.5 percent.
The Nasdaq is up 3,002.63 points, or 20 percent.
The Russell 2000 is up 225.63 points, or 11.1 percent.
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