Stock market today: Dow, S&P 500 close at record highs, Nasdaq surges amid rate cut euphoria

US stocks soared, with the Dow Jones Industrial Average closing above the 42,000 level for the first time amid growing optimism that the Federal Reserve's jumbo interest rate cut will deliver a "soft landing" for the US economy. The S&P 500 climbed roughly 1.7%, while the Dow rose more than 1.2%, with both indexes trading at record highs. The tech-heavy Nasdaq Composite led the gains, up roughly 2.5%.

Bank of America now believes the Fed will go on to cut rates by 0.75% 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, with Big Tech megacaps that fueled this year's rally making gains.

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