US close: Stocks extend rate cut-fuelled rally another session

By Iain Gilbert

Date: Monday 23 Sep 2024

(Sharecast News) - Wall Street stocks closed higher on Monday as the Dow Jones Industrial Average managed to build on its record close yet again.
At the close, the Dow Jones Industrial Average was up 0.15% at 42,124.65, while the S&P 500 advanced 0.28% to 5,718.57 and the Nasdaq Composite saw out the session 0.14% firmer at 17,974.27.

The Dow closed 61.29 points higher on Monday as the blue-chip index narrowly extended its FOMC interest rate decision-fuelled rally into another session.

Monday's moves followed the Fed's decision to cut benchmark overnight interest rates by 50 basis points, using its first cut in four years to take investors, who had broadly expected a more restrained 25 basis point cut, largely by surprise.

On the macro front, a preliminary reading of S&P Global's US manufacturing purchasing managers index fell to 47 in September, down from 47.9 in August and going against expectations of an increase to 48.5. The services PMI eased to 55.4 in September, down from 55.7 in August but marginally above market forecasts for a reading of 55.3, while the composite PMI edged lower to 54.4, down from 54.6 but ahead of expectations for a print of 54.3,

Elsewhere, Federal Reserve Bank of Atlanta head Raphael Bostic said starting the central bank's cutting cycle with a large move would help bring interest rates closer to neutral levels as the risks between inflation and employment become more balanced, while Minneapolis Fed boss Neel Kashkari expects policymakers to ease the pace of interest rate cuts going forward.

In the corporate space, chipmaker Qualcomm has reportedly approached Intel about a potential takeover, with the latter's CEO, Cristiano Amon, said to be involved in the talks.







Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Intel Corp. (INTC) $22.56 3.30%
Boeing Co. (BA) $156.29 1.96%
Walmart Inc. (WMT) $80.33 1.61%
Visa Inc. (V) $288.63 1.36%
International Business Machines Corporation (CDI) (IBM) $220.50 1.29%
Chevron Corp. (CVX) $147.54 1.28%
McDonald's Corp. (MCD) $299.06 0.75%
3M Co. (MMM) $135.64 0.65%
Dow Chemical Co. (DOW) $52.04 0.64%
Caterpillar Inc. (CAT) $371.37 0.64%

Dow Jones - Fallers

Walgreens Boots Alliance, Inc. (WBA) $8.56 -1.72%
Merck & Co. Inc. (MRK) $115.63 -1.31%
Salesforce.Com Inc. (CRM) $264.21 -0.97%
Walt Disney Co. (DIS) $92.97 -0.83%
Apple Inc. (AAPL) $226.47 -0.76%
American Express Co. (AXP) $267.39 -0.63%
Johnson & Johnson (JNJ) $163.22 -0.57%
Amgen Inc. (AMGN) $335.61 -0.52%
Microsoft Corp. (MSFT) $433.51 -0.40%
Nike Inc. (NKE) $86.20 -0.37%

S&P 500 - Risers

CenturyLink Inc. (LUMN) $7.28 9.31%
Alaska Air Group Inc. (ALK) $41.74 4.17%
Tapestry Inc. (TPR) $44.12 3.64%
Bath & Body Works, Inc. (BBWI) $30.33 3.62%
Intel Corp. (INTC) $22.56 3.30%
Ventas Inc. (VTR) $64.20 3.28%
Albemarle Corp. (ALB) $88.71 3.12%
Micron Technology Inc. (MU) $93.57 2.94%
Borg Warner Inc. (BWA) $34.35 2.84%
Constellation Brands Inc. Class A (STZ) $254.82 2.71%

S&P 500 - Fallers

Nektar Therapeutics (NKTR) $1.20 -7.69%
Regeneron Pharmaceuticals Inc. (REGN) $1,091.98 -4.63%
Hanesbrands Inc. (HBI) $6.70 -4.01%
Foot Locker Inc. (FL) $27.27 -3.60%
Moody's Corp. (MCO) $479.00 -3.17%
Bread Financial Holdings, Inc. (BFH) $50.78 -3.13%
Under Armour Inc. Class A (UAA) $7.76 -2.88%
Ross Stores Inc. (ROST) $149.98 -2.81%
Under Armour, Inc. (UA) $7.40 -2.63%
CSX Corp. (CSX) $34.02 -2.61%

Nasdaq 100 - Risers

Tesla Inc (TSLA) $250.00 4.93%
JD.com, Inc. (JD) $29.76 4.24%
Intel Corp. (INTC) $22.56 3.30%
Micron Technology Inc. (MU) $93.57 2.94%
Sirius XM Holdings Inc (SIRI) $25.59 2.59%
Baidu Inc. (BIDU) $88.28 2.37%
Monster Beverage Corp (MNST) $52.33 2.25%
NetEase Inc. Ads (NTES) $80.49 2.02%
Comcast Corp. (CMCSA) $40.73 1.55%
Fastenal Co. (FAST) $71.83 1.53%

Nasdaq 100 - Fallers

Regeneron Pharmaceuticals Inc. (REGN) $1,091.98 -4.63%
Qurate Retail Inc. (QRTEA) $0.56 -3.98%
Ross Stores Inc. (ROST) $149.98 -2.81%
CSX Corp. (CSX) $34.02 -2.61%
Incyte Corp. (INCY) $64.12 -2.46%
Biomarin Pharmaceutical Inc. (BMRN) $69.13 -2.21%
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $393.84 -2.03%
Biogen Inc (BIIB) $195.81 -1.78%
QUALCOMM Inc. (QCOM) $165.96 -1.75%
Walgreens Boots Alliance, Inc. (WBA) $8.56 -1.72%

« Go back to news channel

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE