Fri Sep 20 11:45:00 UTC 2024: ## Market Rallies, Nike CEO Steps Down, Home Sales Dip: Key Business News
**Market Surges:** The Dow Jones Industrial Average closed above 42,000 for the first time, fueled by a 500-point rally. The S&P 500 also reached a new record, closing above 5,700. The Nasdaq Composite gained 2.5%, putting all three major indexes on track for positive weeks.
**Nike CEO Out:** John Donahoe, Nike’s CEO since 2020, will step down next month. Donahoe oversaw a restructuring effort following a shift in strategy towards direct-to-consumer sales. Elliott Hill, former president of consumer and marketplace at Nike, will replace him.
**Home Sales Slow Down:** Existing home sales disappointed in August, falling 2.5% from July levels and 4.2% from a year ago. The decline, while below analyst expectations, could be temporary. Lower mortgage rates and increased inventory are expected to boost sales in the coming months.
**UAW Threatens Strikes:** The United Auto Workers union is threatening work stoppages at Ford and Stellantis, following historic strikes during national contract negotiations last year. The union is demanding job security, wage parity, and improved work rules.
**Fed Emphasizes “Recalibration”**: Federal Reserve Chair Jerome Powell repeatedly used the term “recalibration” during this week’s news conference, signaling that the recent rate cut is aimed at extending economic expansion, not responding to recession fears.
**CNBC** provided this report, highlighting significant developments in the stock market, corporate leadership, real estate, and labor negotiations.
First Piper 