NEW YORK — U.S. stocks are rising on Wall Street following one of their worst days of the year. The S&P 500 climbed 0.9% in early trading Thursday, a day after tumbling when the Federal Reserve said it may deliver fewer cuts to interest rates next year than earlier thought. The Dow Jones Industrial Average was up 383 points, or 1%. The Nasdaq composite rose 1%. The S&P 500 is still on track for one of its best years of the millennium.
Powell said some Fed officials, but not all, are also already trying to incorporate uncertainties inherent in a new administration coming into the White House. Worries are rising on Wall Street that President-elect Donald Trump’s preference for tariffs and other policies could further fuel inflation.Wednesday’s cut — which brought the Fed's benchmark rate down to between 4.25% and 4.5% — was its third this year.
Amazon shares were up 1.4% early, even as workers at seven of its facilities were set to strike early Thursday, right in the middle of the online retail giant's busiest time of the year. Amazon says it doesn’t expect an impact on its operations during what the workers' union calls the largest strike against the company in U.S. history.
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