Stock Market Today: Dow finishes above 42,000 for first time in history after Fed's big rate cut
With the stock market’s surge on Thursday to fresh records, something extra has been taking hold of equities in the wake of the Federal Reserve’s big rate cut.
The “Magnificent Seven” mega-cap technology stocks, major drivers of the S&P 500’s yearly gain, were on pace to add another $500 billion to their market capitalization on Thursday.
That puts the group of high-flying technology stocks on pace for its biggest such gain since Feb. 22, 2024, according to Dow Jones Market Data. It also would be its third-largest such gain in history.
The biggest gain of the group was Tesla Inc., up nearly 7%. Nvidia Corp., Meta Platforms Inc., Apple Inc., Amazon.com Inc., Microsoft Corp. and Alphabet Inc. were also up sharply.