The S&P 500 closed at a record high on Thursday as investors bet the Federal Reserve’s jumbo half-point interest rate cut would help deliver a soft landing for the US economy.
Wall Street’s benchmark index rose 1.7 per cent to 5,713.64, surpassing the previous record closing level set in July and capping a global rally that also featured strong gains in European and Asian markets. The S&P also set a new intraday peak of 5,733.57 before pulling back slightly by the end of the day.
Lower interest rates are generally considered positive for stocks, especially in high-growth sectors such as technology because they encourage economic growth, reduce companies’ debt burdens and spur investment in riskier assets.
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