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 Thursday, as investors digested Wednesday’s news of a 50 basis-point interest-rate cut by Fed policymakers, who indicated more reductions to come.
“The market zipped up immediately on the announcement yesterday, came back down when chairman [Jerome] Powell had his press conference and really ended the day flat,” said Liz Miller, president of Summit Advisors. “So, overnight, we got some euphoria back in. And I think it’s just the feeling and the confirmation that the Fed has pivoted.”…