VOA News | Friday, September 20, 2024 
Wall Street soars to record highs in rally that sweeps world

New York — Wall Street romped to records Thursday as jubilation swept markets worldwide one day after the U.S. Federal Reserve’s big cut to interest rates. The S&P 500 jumped 1.7% for one of its best days of the year and topped its last all-time high set in July. The Dow Jones Industrial Average leaped 522 points, or 1.3%, to beat its own record set on Monday, and the Nasdaq composite led the market with a 2.5% spurt. The rally was widespread, and Darden Restaurants, the company behind Olive Garden and Ruth’s Chris, led the way in the S&P 500 with a jump of 8.3%. It said sales trends have been improving since a sharp step down in July, and it announced a delivery partnership with Uber. Nvidia, meanwhile, barreled 4% higher and was one of the strongest forces lifting the S&P 500. Lower interest rates weaken criticism by a bit that its shares and those of other influential Big Tech companies look too expensive following the frenzy around artificial-intelligence technology. Wall Street’s gains followed rallies for markets across Europe and Asia after the Federal Reserve delivered the first cut to interest rates in more than four years late on Wednesday. It was a momentous move, closing the door on a run where the Fed kept its main interest rate at a two-decade high in hopes of slowing the U.S. economy enough to stamp out high inflation. Now that inflation has come down from its peak two summers ago, Chairman Jerome Powell said the Fed can focus more on keeping the job market solid and the economy out of a recession. Wall Street’s initial reaction to Wednesday’s cut was a yawn, after markets had run up for months…Read more