U.S. stock markets hit record highs after Fed’s pre-election interest rate cut
It was a good day to be rich Thursday.
Stocks on
The Dow Jones Industrial Average was up 522.09 points Thursday — a 1.26% gain.
The Nasdaq did even better — up 440.68 points or 2.51%.
The Nasdaq closed at 18,013.98. The Dow closed at 42,025.19 and the S&P at 5,713..64 (up 1.7%), according to Google Finance.
Those are record highs.
The Nasdaq is up 162% since the COVID-19 pandemic. The Dow is up 119% since the pandemic. The S&P is up 117% since COVID, according to Google Finance.
The interest rate cut buoyed technology, homebuilding, home improvement and other stocks.
The stock boost is good news for 401-K retirement accounts.
It's great news for the wealthy. An analysis by the
The bottom 50% own 1% of stock wealth, according to the analysis.
Fed Chairman
The interest rate cut is expected to help lower mortgage interest rates and in turn real estate markets.
Housing prices hit record highs during and after but have been impacted by higher interest rates.
Powell said when those rate increases commenced they were focused on cutting into workers' wages and spending powers.
Interest rates are finally coming down this year. Here's what that means for 5 common investments.
What Small-Business Owners Need to Know About Digital Security
Advisor News
Annuity News
Health/Employee Benefits News
Life Insurance News