Wall Street Hits New Highs Following Fed Rate Cut

Wall Street surged with the S&P 500 reaching an intraday record high after the Federal Reserve's rate cut decision. Tech stocks led the gains, with major companies like Microsoft, Tesla, and Apple surging. Lower jobless claims also boosted market sentiment, suggesting a favorable economic outlook.

On Thursday, Wall Street experienced a significant boost with the S&P 500 hitting an intraday record high, following the Federal Reserve's decision to cut interest rates by half-a-percentage point. This move is part of the Fed's ongoing easing cycle, with more cuts anticipated in the near future.

Technology stocks were the primary drivers of the rally, with giants like Microsoft, Tesla, and Apple seeing substantial gains. Microsoft climbed 2%, Tesla soared by 4.2%, and Apple increased 2.6%. Semiconductor stocks also saw a notable rise, with Nvidia up by 4.7%, AMD gaining 3.5%, and Broadcom adding 3.8%.

The broader market responded positively, with nine out of the eleven S&P 500 sectors seeing gains, predominantly led by tech stocks. The Dow Jones Industrial Average and Nasdaq Composite also posted strong performances, rising by 0.94% and 2.15%, respectively. After a muted reaction initially, the market anticipated further rate cuts, which buoyed investor sentiment.

(With inputs from agencies.)