Most US stocks rose Thursday, as the Federal Reserve cut interest rates again.
- The Dow fell 0.59 points, or less than 0.1%, to 43,729.34.
- The S&P 500 rose 44.06 points, or 0.7%, to 5,973.10.
- The Nasdaq rose 285.99 points, or 1.5%, to 19,269.46.
The Fed's announcement that it was easing its main interest rate caused few ripples in the market because even the precise size of it was so well anticipated by investors, the AP reports. What's less certain in the minds of investors now is how much President-elect Donald Trump's victory may upset the Fed's plans. Trump is pushing for tariffs and other policies that economists say could drive inflation higher, along with the economy's growth. Traders have already begun paring forecasts for how many cuts to rates the Fed will deliver next year because of that. While lower rates can boost the economy, they can also give inflation more fuel. For now, Fed Chair Jerome Powell said, nothing is changing. "In the near term, the election will have no effects" on interest-rate policy, he said.
Health care services company McKesson helped drive the market Thursday by jumping 10.6% after reporting a stronger profit for the latest quarter than analysts expected. Lyft revved up by 22.8% after the ride-hailing app breezed past Wall Street's sales and profit expectations, and Ralph Lauren rose 6.6% after customers in Asia and Europe helped it deliver a bigger profit than expected. They helped make up for bank stocks, which gave back some of their stellar gains from the day before. Other "Trump trades" that had rocketed higher after the election also lost some of their juice. (More stock market stories.)
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