Published on 8 Nov 2024 on Benzinga
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The Federal Reserve cut interest rates by 0.25 percentage points on Thursday, bringing the federal funds rate to 4.5%-4.75%, its lowest since February 2023. The Fed’s statement acknowledged solid economic growth and easing inflation but omitted prior language on confidence in reaching the 2% inflation target.
On Thursday, the Dow Jones Industrial Average was flat at 43,729.34 and the S&P 500 rose 0.7% to 5,973.10 while the Nasdaq spiked 1.5% to 19,269.46.