Wall Street Rallies to Record High as Fed Signals Possible Interest Rate Cuts
Wall Street rallied to a record high on Wednesday after the Federal Reserve suggested that interest rate cuts may be on the horizon for next year. The Dow Jones Industrial Average surged over 500 points, surpassing 37,000 and setting a new peak. The S&P 500 and Nasdaq composite also gained, reflecting a positive sentiment towards lower interest rates. The prospect of rate cuts benefits investments seen as expensive, lower quality, or those with longer-term growth potential. Apple was a major driver in the S&P 500’s rise, and tech stocks have been key contributors to the index’s rally this year.