Stock market today: Wall Street rallies toward records after Fed says 'time has come' for rate cuts

NEW YORK — U.S. stocks rallied closer to their records after the head of the Federal Reserve finally said out loud what Wall Street has been expecting for a while: Cuts to interest rates are coming soon to help the economy. The S&P 500 rose 1.1% Friday after Fed Chair Jerome Powell said the time has come to lower its main interest rate from a two-decade high. The index is back within 0.6% of its all-time high set last month. The Dow Jones Industrial Average climbed 1.

Powell's speech marked a sharp turnaround for the Fed after it began hiking rates two years ago as inflation spiraled to its worst levels in generations. The Fed's goal was to make it so expensive for U.S. households and companies to borrow that it slowed the economy and stifled inflation. But that second part of his statement held back some of the details that Wall Street wanted so much to hear.

If their predictions are wrong, which has also been a frequent occurrence, that could mean Treasury yields have already pulled back too much since their decline began in the spring. That in turn could pressure all kinds of investments. On Thursday, for example, the S&P 500 fell to its worst loss in more than two weeks after Treasury yields climbed.

Its stock has been shaky this summer amid worries that investors took it and other highly influential Big Tech stocks too high in their mania around artificial-intelligence technology. But Nvidia has been charging back recently ahead of its highly anticipated profit report scheduled for next week. Workday jumped 12.5% after delivering better profit and revenue than forecast. The company, which helps businesses manage their people and money, also raised its forecast for a measure of profitability this year.

France Dernières Nouvelles, France Actualités

Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.

Stock market today: Wall Street climbs ahead of speech by Fed chief PowellNEW YORK (AP) — Stocks are climbing on Wall Street, but the market’s focus is thousands of miles to the west, where the head of the Federal Reserve is about to give a highly anticipated speech about interest rates. The S&P 500 was 0.
La source: SooToday - 🏆 8. / 85 Lire la suite »

Stock market today: Wall Street weakens ahead of a highly anticipated speechNEW YORK (AP) — U.S. stocks closed lower as Wall Street counted down to its main event for the week, a speech by Federal Reserve Chair Jerome Powell coming up on Friday. The S&P 500 lost 0.9% Thursday, its worst day in more than two weeks.
La source: SooToday - 🏆 8. / 85 Lire la suite »

Nvidia stock slips ahead of earnings release as Wall Street reiterates bullish outlookNvidia stock is getting more Wall Street backing ahead of the company's crucial earnings report set for next week.
La source: YahooFinanceCA - 🏆 47. / 63 Lire la suite »

Stock market today: Wall Street ticks closer to record heights ahead of a highly anticipated speechNEW YORK (AP) — U.S. stocks are ticking higher Thursday as Wall Street counts down to what’s supposed to be the main event of the week, a speech by Federal Reserve Chair Jerome Powell coming on Friday. The S&P 500 was 0.
La source: SooToday - 🏆 8. / 85 Lire la suite »