The market rallied Thursday one day after the Fed cut rates by 50 basis points.
Key points The S&P 500 and Dow Jones both set new record highs. Semiconductor stocks and bank stocks led the rally. It was a great day for stocks, as the markets responded positively to the Fed ’s interest rate cuts. It was somewhat of a delayed reaction, as the markets seemed to take the Fed eral Reserve’s massive 50 basis point interest rate cut in stride on Wednesday afternoon.
Holding , up 6%, GlobalFoundries , up 5.8%, ON Semiconductor , up 5.6%, Marvell Technology , up 5.6%, and Broadcom , up 4.8%, were also some of the leading semiconductor stocks on Thursday. In addition, banks were big movers on Thursday, which is a sign that investors are bullish on the economy. Bank stocks are typically bellwethers for economic growth, so the fact that investors were loading up on bank shares shows they feel good about the where the economy Is headed.
Equities Macroeconomics Fed Intermarket
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