The Federal Reserve finally cut interest rates, and Wall Street didn’t know what to do with itself.
The S&P 500 dipped 0.1%. The Dow Jones Industrial Average rose 260 points, or 0.6%. The Nasdaq Composite fell 0.3%.
The major indexes initially spiked after the Federal Open Market Committee said it decided to lower the federal-funds rate by a quarter of a percentage point to a target range of 4% to 4.25%. Stephen Miran, one of President Donald Trump’s top economic advisors who joined the central bank this week, dissented, preferring a half-point cut to between 3.75% and 4%.
www.barrons.com
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