The New York Stock Exchange closed mixed following the US Federal Reserve’s interest rate decision. The Dow Jones Industrial Average rose more than 200 points, closing up 0.57% at 46,018.32.
The Standard & Poor’s 500 Index fell 0.10% to 6,600.43, and the Nasdaq Composite Index fell 0.33% to 22,261.33.
Stock markets also saw mixed performance following the decisions of the two-day Federal Open Market Committee (FOMC) meeting.
The Fed cut interest rates by 25 basis points, in line with expectations, to a range of 4% to 4.25%.
The only dissenting voice at the meeting was Stephen Miller, newly appointed to the Federal Reserve Board by US President Donald Trump, who supported a 50 basis point interest rate cut.
The Fed also released its economic forecasts and lowered its forecast for the federal funds rate to 3.6% by the end of this year, suggesting the possibility of further rate cuts in 2025.
Fed Chairman Jerome Powell also stated in a press conference following the meeting that the balance of risks had shifted with increasing downside risks to employment, and that they had decided it was appropriate to take another step toward a more neutral policy stance.
On the corporate front, shares of US chipmaker Nvidia fell 2.6% after reports that China had ordered major tech companies in the country to stop purchasing Nvidia chips.
