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- 🚀 Stocks rise on rate cut
🚀 Stocks rise on rate cut
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Market Overview
Read time 1.4 minutes
Year To Date Performances:
Dow Jones | 41,839.07 | 10.93% |
S&P 500 | 5,701.83 | 20.22% |
Nasdaq | 17,999.94 | 21.90% |
Russell 2000 | 2,240.70 | 11.32% |
TSX | 23,794.87 | 14.00% |
Bitcoin | $63,071.60 | 49.14% |
Ethereum | $2,357.76 | 3.29% |
US to Canadian Dollar | $1.36 | 2.56% |
Stocks rose after the Federal Reserve cut interest rates by half a percentage point, with the Dow Jones climbing 1%, the S&P 500 up 1.5%, and the Nasdaq gaining 2.4%. Tech stocks, including Nvidia, AMD, and Meta, led the rally. Investors responded positively to the Fed's efforts to engineer a "soft landing" for the economy, as jobless claims fell significantly below expectations. Analysts see the rate cut as setting up the market for potential strength in the coming months despite election-related uncertainty.
Home sales in August fell 2.5% from July and 4.2% year-over-year, with a seasonally adjusted annual rate of 3.86 million units. This marks the third consecutive month of sales below 4 million. The median home price rose 3.1% to $416,700, the highest August price ever. Inventory slightly increased, with 1.35 million units for sale, up 22.7% year-over-year. First-time buyers made up just 26% of sales, matching a record low. Lower mortgage rates and increased inventory may drive future sales growth.
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Headlines
A Federal judge has again blocked Joe Biden’s debt forgiveness plan.
Trump Media shares fell as sale restrictions on Donald Trump are lifted. Trump has promised not to sell.
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