Dow hits 42,000 for first time in Fed fueled run

Published On Sep 19, 2024, 4:17 PM

The Dow Jones Industrial Average surged over 500 points, crossing the 42,000 mark for the first time, following a significant interest rate cut by the Federal Reserve. The Fed’s decision to lower rates by 50 basis points, with further cuts expected in the future, reflects a proactive stance to bolster the economy. McDonald’s contributed most to the gain, while Boeing was the largest detractor. The overall market is optimistic as technology and consumer discretionary stocks also performed well, with the S&P 500 reaching new highs.