The Dow Jones surged on Wednesday as Wall Street gambled that the Fed would execute titanic interest rate cuts in the coming months. | Source: AFP PHOTO / Stan HONDA
By CCN Markets: The Dow executed a swift recovery on Wednesday, erasing its previous-day losses as Wall Street doubled down on its belief that the Federal Reserve will aggressively lower interest rates throughout the remainder of the year – and possibly even into 2020.
President Trump, meanwhile, continues to throw his weight around in a bid to pressure the Fed into giving the market the easing cycle it wants.
Dow Whips Toward Triple-Digit Rally
The US stock market’s three major indices all zipped toward substantial gains during the morning session.
The Dow Jones Industrial Average rose 218.09 points or 0.84%, lifting the DJIA to 26,180.53.
The S&P 500 added 23.4 points or 0.8% to climb to 2,923.57. All 11 primary sectors reported gains.
The Nasdaq once again cleared the 8,000 mark following its 61.42 point or 0.77% gain. The tech-heavy index was last seen trading above 8,009.
Wall Street Waits for FOMC Minutes Dump
While the economic landscape has shifted considerably since the July FOMC meeting, analysts are eager to discover more details about the Fed’s policy debate, which culminated in the first interest rate reduction since the financial crisis.