Dow ends sightly higher as bank stocks take an unusual bounce higher after Fed cuts interest rates

U.S. stock indexes on Wednesday finished mostly higher--even if only slightly so--after the Federal Reserve cut benchmark rates, as expected. The Dow Jones Industrial Average DJIA, +0.13% closed up 36 points, or 0.1%, to 27,147, but had been down by as many as 211.65 points at session lows. Meanwhile, the S&P 500 index SPX, +0.03% added about a point, or less than 0.1%, to end at at 3,006.73. The Nasdaq Composite index COMP, -0.11% edged 9 points, or 1%, lower to 8,177.

Louis Fed President James Bullard, who preferred to lower the target range for the federal-funds rate to 1.50% to 1.75%. Kansas City Fed President Esther George and Boston Fed President Eric Rosengren both preferred to maintain the target range at 2% to 2.25%."Bottom line, there is now a likelihood that as of today, this might be the last rate cut of the year as the 'mid course adjustment' process continues but could be done.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Fed Steps Into Repo Market to Control Soaring RatesThe Federal Reserve Bank of New York entered the money markets with up to $75 billion of transactions to tamp down rising interest rates that had threatened the central bank’s control of its benchmark fed-funds rate.
Source: WSJ - 🏆 98. / 63 Read more »

US stocks fall ahead of Fed decision on interest ratesNEW: U.S. stocks open down ahead of a highly anticipated decision from the Federal Reserve on interest rates. Rate cut means recession is here Oh boo hoo... the billionaires are upset
Source: ABC - 🏆 471. / 51 Read more »