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International Business Times UK
International Business Times UK
Niloy Chakrabarti

S&P 500, Nasdaq, Dow Reach Record Highs After Fed Signals More Cuts; Jobless Claims, Manufacturing Data Beat Consensus

US Federal Reserve United States Nasdaq Donald Trump Xi Jinping TikTok
Investors await the outcome of a call between Donald Trump and Xi Jinping on Friday. (Credit: geralt/Pixabay.com)

The S&P500, Nasdaq, and the Dow Jones Industrial Average surged to record highs on Thursday, a day after the US Federal Reserve trimmed the federal funds rate target by 25 basis points to 4% to 4.25%, in line with market expectations. The updated Summary of Economic Projections now expects two more rate cuts in 2025.

According to the Federal Open Market Committee, the decision was driven by indicators like a slump in job gains, an uptick in unemployment rate, elevated inflation, and a moderation of economic activity in the first half of 2025.

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