September 19, 2024 – 7:16 AM PDT
(Reuters) – Wall Street rallied on Thursday with the S&P 500 hitting another intraday record high after the Federal Reserve kicked off its easing cycle with half-a-percentage point reduction and forecast more cuts were on the horizon.
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Rate-sensitive growth stocks that have led much of this year’s rally rose. Microsoft (MSFT.O) added 2%, Tesla <TSLA.O> gained 4.2% and Apple (AAPL.O) advanced 2.6%.
Semiconductor stocks such as Nvidia (NVDA.O) rose 4.7%, while Advanced Micro Devices (AMD.O) gained 3.5% and Broadcom (AVGO.O) added 3.8%, sending the Philadelphia SE Semiconductor Index (.SOX) up 3.6%.
The Russell 2000 index (.RUT) also rose 1.7% with the broader market, as a lower interest environment could mean lower operating costs and greater profits for credit-dependent companies.
At 09:46 a.m., the Dow Jones…
