The Fed just issued its first interest rate cut in four years.
AdvertisementStocks got a brief leg up to a new intraday record on Wednesday after the Federal Reserve issued its first rate cut since 2020.
"The Fed has given the market what it was looking for with the bigger 50-basis point rate cut," Joel Kruger, market strategist at LMAX Group said in a statement.
Here's where US indexes stood at the 4 p.m. closing bell on Wednesday:AdvertisementStocks have historically reacted well to Fed rate cuts.
"All we needed today was for Powell to validate market expectations that the Fed is acknowledging the downside risks to the labor market and responding appropriately."
Persons:
Stocks, —, Jerome Powell's, Joel Kruger, Morgan Stanley, Kruger, Tom Lee, Priya Misra, Powell, Jason Pride
Organizations:
Service, Federal Reserve, LMAX, JPMorgan Asset Management
Locations:
Glenmede