Fri Sep 13 21:36:00 UTC 2024: ## Wall Street Rallies on Rate Cut Expectations, Dow Jumps Over 290 Points
**New York, Sept. 13 (Xinhua)** – U.S. stocks closed higher on Friday, fueled by a surge in optimism over the Federal Reserve’s expected interest rate cut next week. The Dow Jones Industrial Average gained 297.01 points, or 0.72 percent, to finish at 41,393.78. The S&P 500 added 30.26 points, or 0.54 percent, to close at 5,626.02, while the Nasdaq Composite Index rose 114.30 points, or 0.65 percent, to 17,683.98.
All 11 primary sectors of the S&P 500 finished in the green, with utilities and communication services leading the gains at 1.41 percent and 1.02 percent, respectively. Health care posted the smallest growth, up by 0.19 percent.
The market’s bullish sentiment stems from the increasing likelihood of the Federal Reserve cutting interest rates by 0.5 percentage points next week. According to the CME FedWatch tool, recent trading in interest-rate futures suggests a 49 percent chance of the Fed lowering rates to a range of 4.75 percent to 5 percent. This is a significant jump from Thursday’s 28 percent chance and Wednesday’s 14 percent, reflecting a shift in market expectations.
While the overall market celebrated the potential rate cut, some individual stocks saw mixed performance. Adobe shares dipped in afternoon trading after the company’s outlook revealed little immediate benefit from its AI initiatives. Conversely, Oracle stock continued its upward trajectory, supported by a bullish forecast predicting a surge in revenue over the next five years driven by strong cloud demand. Meanwhile, Boeing shares slipped as factory workers went on strike, halting production at the company’s largest manufacturing hub in Seattle.
First Piper 