The Dow Jones Industrial Average was on the verge Thursday of reaching 40,000 points for the first time in its 128-year history. The index was up 332 points, or 0.8%, around midday, to 39,844.
The S&P 500 was up 0.7% and the Nasdaq was up 0.8%. All three major indexes closed at record highs Wednesday after the Federal Reserve kept investors’ hopes alive for interest rate cuts later this year.
Both stock and crypto markets rallied on Thursday morning following the Fed meeting Wednesday. The Swiss National Bank’s surprise interest rate cut helped spread the bullish sentiment.
And Reddit was set to make its debut on the New York Stock Exchange in a highly anticipated initial public offering — the first by a social media company since Pinterest went public in 2019. Reddit priced its IPO at $34 per share on Wednesday evening, which would value the company at $6.5 billion.
Fed chair Jerome Powell on Wednesday reaffirmed the central bank’s intent to cut interest rates by three-quarters of a percentage point by the end of the year. So now Wall Street will turn its forecasting to the Fed’s next meeting in June.
This is a developing story and will be updated.
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