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.
The Stock Market Got Just What It Wanted From The Fed
jsor@businessinsider.com (Jennifer Sor), Business Insider
Wed, 09/18/2024 - 1:19pm
Topics: federal reserve chair jerome powell jose luis magana/apthe fed fed chair jerome powell joel kruger lmax group morgan stanley powell's q&a s&p jones industrial average fundstrat's tom lee priya misra j.p morgan asset management jason pride business insider federal reserve fed powell the fed kruger stock market cut rate indexes priced investors highs issued bank good point central all-time labor jumbo closing record outcome decision
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