Federal Reserve Chair Jerome Powell said the central bank believed the economy was in good shape and unemployment was still relatively low.Jose Luis Magana/APThe Fed just issued its first interest-rate cut in four years.Stocks immediately surged to record highs after the announcement before closing lower.Major indexes stayed resilient near all-time highs despite a jumbo cut already being priced in.Stocks got a brief leg up to an intraday record on Wednesday after the Federal Reserve issued its first rate cut since 2020.Major indexes then wobbled into the close, turning lower during Fed Chair Jerome Powell's question-and-answer session.
Comment on The stock market got just what it wanted from the Fed
jsor@businessinsider.com (Jennifer Sor), Business Insider
Wed, 09/18/2024 - 1:19pm
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