Nasdaq Jumps 2% as Investors Welcome Fed Cut -- WSJ

Dow Jones09-19

By Patricia Kowsmann and Ryan Dezember

It took a while to sink in, but investors are belatedly giving a very warm welcome to the Federal Reserve's bold interest-rate cut.

Stock indexes jumped at the opening bell, led by the Nasdaq Composite, as tech stocks and other speculative assets such as bitcoin rose. International stocks also gained.

The Fed has shown it will do what is necessary to keep the economy growing steadily, said Jan von Gerich, chief analyst at Nordea. That could limit any negative reaction to bad data, particularly on the labor market, which has been a source of market jitters.

In recent trading:

-- U.S. stock indexes rallied after slipping Wednesday. The Nasdaq climbed more than 2%. The S&P 500 and Dow industrials added more than 1%.

-- Global stocks rose. The Nikkei 225 added 2.1%, helped by a weaker yen. Hong Kong's Hang Seng Index and the Stoxx Europe 600 also gained.

-- New jobs data showed fewer Americans applied for unemployment benefits last week than in any week since May.

-- U.S. Treasury yields climbed, topping 3.7%. The 10-year yield settled Wednesday at 3.685%.

-- Bitcoin gained, trading near $63,000.

This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).

(END) Dow Jones Newswires

September 19, 2024 09:43 ET (13:43 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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International stocks also gained. \n\n\n  The Fed has shown it will do what is necessary to keep the economy growing steadily, said Jan von Gerich, chief analyst at Nordea. That could limit any negative reaction to bad data, particularly on the labor market, which has been a source of market jitters. \n\n\n  In recent trading: \n\n\n  -- U.S. stock indexes rallied after slipping Wednesday. The Nasdaq climbed more than 2%. The S&P 500 and Dow industrials added more than 1%. \n\n\n  -- Global stocks rose. The Nikkei 225 added 2.1%, helped by a weaker yen. Hong Kong's Hang Seng Index and the Stoxx Europe 600 also gained. \n\n\n  -- New jobs data showed fewer Americans applied for unemployment benefits last week than in any week since May. \n\n\n  -- U.S. Treasury yields climbed, topping 3.7%. The 10-year yield settled Wednesday at 3.685%. \n\n\n  -- Bitcoin gained, trading near $63,000. \n\n\n \n\n\n  This item is part of a Wall Street Journal live coverage event. 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