The Dow Jones Industrial Average eked out a gain Thursday, ending its longest losing streak since 1974, even as the post-Federal Reserve rebound lost momentum. The US economy grew faster than previously estimated in the third quarter, fueled by robust consumer spending. Gross domestic product increased at an upwardly revised 3.1% annualized rate, compared to the previous report of a 2.8% expansion. The economy expanded at a 3.
0% pace in the April-June quarter, indicating growth well above the Federal Reserve's non-inflationary growth rate of around 1.8%. This data suggests the Federal Reserve may be slow to cut interest rates further next year. The US central bank lowered interest rates by 25 basis points on Wednesday, as anticipated, but policymakers indicated they foresee only two more 25 bps rate cuts next year, down from the September forecast of four. Inflation remains a concern, with the targeted metric projected to end this year at 2.4% and 2.5% next year, still some way from the 2% target. The prospect of interest rates remaining higher for longer than anticipated caused Wall Street indexes to plummet on Wednesday, with technology stocks experiencing heavy losses. The Dow Jones Industrial Average plunged over 1,000 points, or 2.6%, marking its 10th consecutive daily decline and its longest losing streak since 1974.
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