Wall Street Soars as Dow, S&P 500 Set Record Highs After Fed Rate Cut

Several major stock indexes surged to record highs after the Federal Reserve’s 50 basis-point rate cut.

Traders work on the floor of the New York Stock Exchange (NYSE) in New York on Sept. 19, 2024. Spencer Platt/Getty Images

Wall Street’s main indexes soared on Sept. 19, a day after the Federal Reserve delivered an outsized interest-rate cut, with the Dow Jones Industrial Average and the benchmark S&P 500 Index both setting new all-time highs at closing bell.

The stock rally came amid a broader risk-on pulse in markets on Sept. 19, as investors digested the news of a 50 basis-point interest-rate cut by Fed policymakers, who indicated more reductions to come.