The US has avoided a recession, achieved a near perfect labour market and interest rate cuts are underway. The S&P 500 and Nasdaq powered to fresh records after the Federal Reserve cut interest rates, extending a buoyant post-election rally. While the Dow finished essentially flat, both the S&P 500 and Nasdaq jumped to new all-time highs, with large tech companies like Facebook parent Meta and Apple surging. The broad-based S&P 500 gained 0.7 percent to 5,973.10, while the Dow Jones Industrial Average was unchanged at 43,729.34. The US Federal Reserve shrugged off political uncertainty in Washington and moved ahead with a quarter-point rate cut on Thursday, easing monetary policy further as inflation continues to cool.

Source: New Zealand Herald November 07, 2024 22:39 UTC