Additional Coverage:
Stock Market Soars to Record Highs
Following a half-point interest rate cut by the Federal Reserve, the stock market closed Friday with the Dow Jones Industrial Average hitting a record high.
The Dow ended at 42,063.36, marking an all-time peak. The S&P 500 and Nasdaq also saw gains, rising 1.36% and 1.49% for the week, respectively.
Optimism Fueled by Rate Cut
Investors cheered the Fed’s decision, viewing it as a proactive measure to maintain economic momentum. Mark Hackett, chief investment research at Nationwide, said the market’s strong reaction indicates confidence in the Fed.
Trump Media’s Struggles
While the broader market surged, former President Donald Trump’s Trump Media & Technology Group faced a decline of 7.8% on Friday. The "meme" stock has lost over 10% in value over the past week as retail investors await the expiration of a lockup period that restricts share sales.