A trader works on the trading floor at The New York Stock Exchange following the Federal Reserve rate announcement, in New York City, U.S., September 18, 2024. REUTERS/Andrew Kelly/File Photo
Fed Chair Jerome Powell said he did not see elevated risks of a slowdown, and policymakers projected the benchmark rate would fall again, reflected in a closely-watched tool known as a dot plot. Megacap tech stocks including Microsoft and Apple gained on Wall Street. Smaller companies, which might be expected to enjoy reduced operating costs and cheaper debt in a lower rates environment, also felt the benefit.The blue-chip Dow Jones Industrial average rose 1.38 per cent, to 42,076.78 and the benchmark S&P 500 rose 1.89 per cent, to 5,724.42. Both hit intraday record highs.Gains were not limited to Wall Street. MSCI's 47-country world stocks index gained 1.78 per cent, to 840.96.
The Bank of England's decision to leave interest rates unchanged did not dampen market spirits in Europe, with the STOXX 600 index last up more than 1 per cent. Sterling strengthened 0.57 per cent to $1.3285.
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