Newscasts - Stocks close mostly higher after Fed cuts interest rates

Zillow

07/11/2024 23:35

Click the following link to watch video: https://share.newscasts.refinitiv.com/link?entryId=1_77nh2ras&referenceId=tag:reuters.com,2024:newsml_RW821307112024RP1_930&pageId=Newscasts
Source: 'Reuters - Business videos'

Description: U.S. stocks closed mostly higher on Thursday, after the Federal
Reserve announced a cut of 25 basis points in interest rates, extending a
sharp rally sparked by Donald Trump's return as U.S. president. Alex Cohen has
more.
Short Link: https://refini.tv/4fGghod

Video Transcript:

US stocks finished flat to higher Thursday after the Federal Reserve cut
interest rates again, extending a sharp rally sparked by Donald Trump's return
as US president. The Dow ended the session unchanged while the S&P 500 added
0.75%, and the NASDAQ rose twice that. The S&P and NASDAQ notched record
closing highs. The Fed reduced rates 0.25% as policymakers took note of a job
market that has "generally eased" while inflation continues to move toward the
US central bank's 2% target. Brian Mulberry, Client Portfolio Manager with
Zacks Investment Management, calls the market reaction encouraging.

Even after the Fed cut, we're not seeing any big moves on the two or the
10-year yields either. Everything's just kind of holding relatively steady
overall. That's got to be seen as a positive as we're sitting now at you know,
record high territories across the board. You know, nobody's really having
second doubts about the rally that happened yesterday. I think that's pretty
positive.

Stocks on the move included Warner Bros. Discovery which jumped 12% as the
media company posted a quarterly profit after a loss was expected. And Zillow
surged 24% after the online real estate broker's quarterly revenue topped
expectations