Stocks Soar as Fed Slashes Rates

Wall Street's main indexes surged, with the S&P 500 and Dow reaching record highs following the Federal Reserve's initiation of a monetary easing cycle. Key growth stocks and tech sectors led the rally, as Fed projections indicated potential rate cuts and overall economic stability. Job data suggested strong growth.

Wall Street's primary indexes surged on Thursday, with the S&P 500 and Dow hitting intraday record highs after the Federal Reserve kickstarted its monetary easing cycle with a half-percentage point reduction, predicting further rate cuts.

Growth stocks like Microsoft, Tesla, and Apple, which have driven much of this year's gains, saw significant rises, while semiconductor stocks also experienced substantial boosts, aiding the broader market rally.

Despite concerns about the labor market's transition from softness to potential weakness, the overall economic outlook remains positive. Analysts noted that the Fed's recent decisions are likely to lead to a soft landing, with further projections and job data pointing to steady growth.

(With inputs from agencies.)