US Stock Market⁤ Hits Record High After​ Federal Reserve ​Cuts Interest Rates

The New York stock market has‍ reached a record high following⁤ the⁢ US Federal Reserve’s decision ⁢to cut interest rates for the ‍first time​ in four‌ and a half years.

Positive employment indicators have also contributed to growing expectations of a soft​ landing⁤ for the US ‍economy.

Record Highs on‍ the New ‍York Stock⁢ Exchange

The three major indexes on the ‌New​ York ⁤Stock Exchange have hit record⁤ highs, with the Dow Jones breaking the 42,000 ⁤mark for the first time ever, ⁤and the ⁤S&P 500 also​ setting a new record.

Big tech stocks have seen significant ‍gains,⁤ with⁣ Nvidia and Apple each rising by nearly 4%. The Nasdaq has increased by more than 2.5%, breaking the 18,000 mark.

Positive Employment Figures

The US Labor Department has reported that initial unemployment claims fell to ⁢219,000 last week, ⁣the lowest​ in four months. This figure is also​ lower than expert forecasts.

The Federal Reserve has explained that the ‌interest rate cut was a‌ preemptive measure‍ to achieve a soft​ landing before the employment ‍situation worsens.

“The time to support the labor market is not when layoffs start, but when the labor market is ⁣strong. ⁢That’s‍ where we are. We’ve ⁣actually started a rate-cutting ⁣cycle, and⁢ we’ll ​see.”

—‍ Jerome Powell, Chairman of the US Federal Reserve

Decreased Market⁣ Volatility

The so-called‍ ‘fear index’, which⁣ forecasts volatility in ‌the US stock ‍market, has fallen by more than ‍10%⁤ to ‌16.

Lim Kyeong-ah, special correspondent ‌in New York, reports on⁢ the latest developments in the US stock‌ market.