U.S. stocks closed up nearly 1% or more, with the Federal Reserve expected to cut interest rates twice more this year
The three major U.S. stock indices closed up nearly 1% or more, as the Federal Reserve maintained interest rates and is expected to cut rates twice more this year. The Dow Jones Industrial Average closed at 41,964 points, up 383 points (0.9%); the Nasdaq Composite closed at 17,750 points, up 246 points (1.4%); the S&P 500 closed at 5,675 points, up 60 points (nearly 1.1%). Boeing's stock price surged nearly 7%, and financial stocks and large tech stocks also generally rose. U.S. Treasury yields fell, with the 10-year yield dropping to 4.24%
U.S. stock market closed with the three major indices rising nearly 1% or more. The Federal Reserve, as expected by the market, maintained interest rates unchanged. The dot plot indicates that Fed officials expect to cut rates twice this year, each by 0.25%.
After the Fed announced its interest rate decision, the Dow Jones Industrial Average's gains briefly expanded to nearly 600 points, but the closing gain narrowed to 41,964 points, up 383 points, an increase of 0.9%. The Nasdaq Composite Index rose over 2% at one point, closing at 17,750 points, up 246 points, an increase of 1.4%. The S&P 500 Index closed at 5,675 points, up 60 points, an increase of nearly 1.1%.
Boeing surged nearly 7%, making it the biggest gainer among Dow components. Financial stocks rose, with American Express up 3% and JP Morgan up nearly 2%.
Large tech stocks moved upward, with Tesla rising nearly 5%, Alphabet up 2%, and Nvidia up nearly 2%.
U.S. Treasury yields fell, with the 10-year yield dropping over 3 basis points to around 4.24%, and the 2-year yield falling over 6 basis points to around 3.97%
