Stock market today: Dow, S&P 500, Nasdaq surge as Fed fires up rally

US stocks soared on Thursday amid growing optimism that the Federal Reserve's bumper interest-rate cut will deliver a "soft landing" for the US economy. The S&P 500 climbed roughly 1.7%, while the Dow Jones Industrial Average rose more than 500 points, both touching fresh record highs. The tech-heavy Nasdaq Composite led the gains, up 2.2%. Stocks are rallying as investors take a closer look at the Fed's decision to kick-start its new rate cycle with 50 basis point cut.

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 in premarket trading, with Big Tech megacaps that fueled this year's rally making gains.

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