NEW YORK (AP) — Wall Street romped to records Thursday as a delayed jubilation swept markets worldwide following the Federal Reserve’s big cut to interest rates.
The S&P 500 jumped 1.7% for one of its best days of the year and topped its last all-time high set in July. The Dow Jones Industrial Average leaped 522 points, or 1.3%, to beat its own record set on Monday, and the Nasdaq composite led the market with a 2.5% spurt.
The rally was widespread, and the company behind Olive Garden and Ruth’s Chris, Darden Restaurants, led the way in the S&P 500 with a jump of 8.3%. It said sales trends have been improving since a sharp step down in July, and it announced a delivery partnership with Uber.
Nvidia, meanwhile, barreled 4% higher and was one of the strongest forces lifting the S&P 500. Lower interest rates weaken criticism by a bit that its shares and those of other influential Big Tech companies look too expensive following the frenzy around artificial-intelligence technology.
Wall Street’s gains followed rallies for markets across Europe and Asia after the Federal Reserve delivered the first cut to interest rates in more than four years late on Wednesday.