US stocks dive after Fed cuts interest rates

Quick Summary:

US stocks plunged on Wednesday, with all three major indices posting their biggest daily decline in months, after the Federal Reserve cut interest rates by a quarter of a percentage point but disappointed some investors with projections that signalled a more cautious path of easing next year.

The Dow fell 1,123.03 points, or 2.58%, to 42,326.87, the S&P 500 lost 178.45 points, or 2.95%, to 5,872.16 and the Nasdaq lost 716.37 points, or 3.56%, to 19,392.69.

"You've got the 10-year creeping back up, around that 4.5% and particularly the 5% level that's been a real problem for equity markets," said Ross Mayfield, investment strategist at Baird in Louisville, Kentucky.

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Category: EconomyBusiness

Markets: Malaysia

Topics: /Business/ TechStocks MarketPlunge InterestRates Markets VolatilitySurge EconomicOutlook FedRateCut InflationWorries

Source Website Secure: Yes (HTTPS)

News Sentiment: Positive

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-12-19 @ 06:16:00 (5 hours ago)

News Timezone: GMT +8:00

News Source URL: thestar.com.my

Language: English

Article Length: 794 words

Reading Time: 5 minutes read

Sentences: 28 lines

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Copyright Owner: © The Star

News ID: 24541523

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