Thursday saw Wall Street soar to all-time highs as a delayed celebration engulfed global markets in the wake of the Federal Reserve's significant interest rate cut.
On one of the best days of the year, the S&P 500 advanced by 1.7 per cent, surpassing its previous all-time high, which was reached in July. The index rallied to an all-time high after the federal reserve slashed the interest rate.
The S&P 500 started the trading session at 5,702.63 points on Wall Street before it recorded a new lifetime high of 5,733.5 points. The index shuttered at 5,713.64 points in the last trading session.
In contrast, Nvidia shot up 4 per cent and was one of the main factors driving the S&P 500 higher.
With a 1.3 per cent jump, the Dow Jones Industrial Average surpassed its own record set on Monday. The Dow Jones rang the opening bell at 41,972.56 points. The index recorded a new all-time high at 42,160.91 points.
The Nasdaq composite
The Nasdaq composite led the market with a 2.5 per cent surge. The index carrying the magnificient seven 'The Nasdaq Composite' also surged 2.51 per cent with other indices.
The Nasdaq composite opened at 17,980.89 points on the US bourses and went to touch the day-high level of 18,099.93 in the previous trading day.
The Nasdaq composite concluded on the positive side with 0.00 points amounting to 0.00 per cent surge in the day.
The rate cut by federal reserve
It was a historic decision that put an end to the Fed's policy of maintaining its benchmark interest rate at a two-decade high in an attempt to curb the U.S. economy and bring down excessive inflation.
Chairman Jerome Powell stated that the Fed can concentrate more on maintaining a strong labour market and preventing recession now that inflation has decreased from its peak two summers ago.
As the markets had already risen for months on expectations of impending rate cuts, Wall Street's initial response to Wednesday's cut was very light. After spiking a few times, stocks eventually edged lower.
