Stock Market Today: Dow climbs 100 points after Fed's historic rate cut of 50 basis points
U.S. stocks finished lower after choppy trading in the wake of the Federal Reserve’s decision to lower its benchmark interest rate by half a percentage point, an aggressive start to a monetary-easing cycle in the world’s largest economy.
The Dow Jones Industrial Average was off 103.08 points, or 0.3%, to end at 41,503.10, according to FactSet data. The blue-chip index logged its worst daily point and percentage declines since Sept. 6, after giving back its nearly 400-point advance seen in the immediate aftermath of the Fed decision.
The S&P 500 fell 16.32 points, or 0.3%, to finish at 5,618.26, snapping a seven-day winning streak.
The Nasdaq Composite lost 54.76 points, or 0.3%, ending at 17,573.30.
Apart from the rate-cut decision, policymakers said they expect to lower interest rates multiple times by the end of 2024. They also suggested the policy rate could fall to a range of 3.25% to 3.5% by the end of 2025, according to the Fed’s Summary of Economic Projections, also released Wednesday.