Stocks on Wall Street continued their upward trajectory on Thursday, extending a record-setting rally fueled by investor relief. The positive market outlook comes after the Federal Reserve indicated it will delay rate cuts, sparking optimism among traders.
The S&P 500, Dow Jones Industrial Average, and Nasdaq Composite all saw gains, with the S&P 500 surpassing 5,250 for the first time. The Federal Reserve’s decision to maintain its forecast for three rate cuts in 2024, despite concerns over inflation, further bolstered market confidence.
Global stocks also experienced gains following the Fed’s forecasts, with Chair Jerome Powell’s comments on inflation providing additional reassurance to investors. Meanwhile, gold prices reached a record high above $2,200 an ounce, reflecting market uncertainty.
In a surprising move, the Swiss National Bank lowered interest rates, becoming the first central bank to do so. This decision boosted confidence in leading economies and added to the positive sentiment in the markets.
In other news, Reddit made its highly anticipated debut on the New York Stock Exchange with an initial public offering price of $34 per share and a valuation of $6.4 billion. The online forum’s entry into the stock market attracted attention from investors and the media alike.
Micron shares surged 15% after the company issued a strong current-quarter revenue forecast, signaling robust performance ahead. However, tech giant Apple saw its shares drop 3% following news of an anti-trust lawsuit filed by the Department of Justice.
Overall, the stock market’s positive momentum and various developments highlighted in the day’s trading signals a dynamic and eventful period for investors worldwide. Stay tuned for more updates on World News Live.
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