US stocks soared, with the Dow Jones Industrial Average closing above the 42,000 level for the first time amid growing optimism that the Federal Reserve's jumbo interest rate cut will deliver a "soft landing" for the US economy. The S&P 500 climbed roughly 1.7%, while the Dow rose more than 1.2%, with both indexes trading at record highs. The tech-heavy Nasdaq Composite led the gains, up roughly 2.5%.
Bank of America now believes the Fed will go on to cut rates by 0.75% by the end of the year, versus the 0.50% it previously forecast. By comparison, the central bank's own "dot plot" indicates policymakers expect a half-percentage-point reduction. Read more: What the Fed rate cut means for bank accounts, CDs, loans, and credit cards Rate-sensitive growth stocks climbed, with Big Tech megacaps that fueled this year's rally making gains.
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