Wall Street soars to records as Dow leaps 500 in a rate-cut rally that swept the world

NEW YORK (AP) — Wall Street romped to records Thursday as a delayed jubilation swept markets worldwide following the Federal Reserve’s big cut to interest rates. The S&P 500 jumped 1.7% for one of its best days of the year and topped its last all-time high set in July. The...

How major US stock indexes fared Thursday, 9/19/2024

Wall Street leapt to record highs as delayed jubilation swept across markets worldwide following the Federal Reserve’s big cut to interest rates. The S&P 500 jumped 1.7% Thursday, beating the all-time closing high it set in July. The Dow Jones Industrial Average rose 1.3%,...

US home sales fell in August despite easing mortgage rates, more homes on the market

LOS ANGELES (AP) — Sales of previously occupied U.S. homes fell in August to the slowest annual pace in nearly a year even as mortgage rates eased and the supply of properties on the market continued to rise. Existing home sales fell 2.5% last month, from July, to a seasonally...

Wall Street jumps to record highs as global markets cheer Fed rate cut

Biden says Fed made 'declaration of progress' with interest rate cut

WASHINGTON (AP) — President Joe Biden said Thursday the Federal Reserve's decision to lower interest rates was “an important signal” that inflation has eased as he poked at Donald Trump's economic policies as a failure in the past and sure to “fail again” if revived. ...

Average rate on a 30-year mortgage falls to 6.09%, lowest level since early February 2023

The average rate on a 30-year mortgage in the U.S. edged closer to 6% this week to its lowest level since early February 2023. The rate fell to 6.09% from 6.20% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 7.19%. The last time the...

Weekly applications for US jobless benefits fall to the lowest level in 4 months

The number of Americans applying for unemployment benefits fell to their lowest level in four months last week. Jobless claims slid by 12,000, to 219,000, for the week of Sept. 14, the Labor Department reported Thursday. That's fewer than economists' expectations for 230,000 new...

Bank of England keeps its main interest rate on hold at 5% in wake of big US Fed rate cut

LONDON (AP) — The Bank of England kept its main interest rate unchanged at 5% Thursday despite a big cut from the U.S. Federal Reserve, its first since the onset of the coronavirus pandemic more than four years ago. The decision was widely expected amid ongoing concerns about...

Bank of England keeps its main interest rate on hold at 5% in wake of big US Fed rate cut

Rally over? Homebuilder stocks' big gains may have already priced in Fed rate cut

LOS ANGELES (AP) — Homebuilder stocks are having a banner year, outpacing the broader market on a wave of optimism that mortgage rates will fall and help juice home sales into 2025. The S&P Composite 1500 Homebuilding Index, which includes 16 stocks, including homebuilders...