S&P 500 Reaches New Heights Following Major Rate Cut Announcement
Wednesday, 18 September 2024, 11:19
S&P 500's Reaction to the Rate Cut
The major U.S. stock market indexes jumped after the Fed announced a 50 basis point rate cut. In that excitement, the S&P 500 briefly hit a new all-time high reaching 5,689.75, passing its previous intraday high of 5,670.81.
Potential Record Close
The index retreated soon after hitting that record. However, if it bounces back and closes above 5,667.20, that would mark the index's 39th record close this year. The last time the S&P 500 closed at a record on the same day that the Fed announced a rate cut was on January 31, 1996.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.