Major US stock indices close sharply higher helped by foreign buying after Fed rate cut

The major stock indices moved sharply higher overnight in the Asian and European sessions after the FOMC rate decision gave foreign buyers a nudge to plow back in the US stocks.

In the US session the day momentum continued with the NASDAQ index leading the way

The NASDAQ index had its best day since August 8 when it rose 2.87%.. The index is now within 3.58% of it’s all time high price reached back in July.

Both the S&P index and the Dow industrial average closed at new record highs today. The S&P also had its best day since August 8. For the Dow industrial average it had its best day since August 15.

A snapshot of the closes shows:

• Dow industrial average rose 522 points or 1.26% at 42025.19
• S&P index rose 95.38 points or 1.70% at 5713.64
• NASDAQ index rose 140.68 points or 2.51% at 18013.98

The small-cap Russell 2000 rose 46.36 points or 2.10% add to 252.70

Some winners today included:

• Tesla +7.36%
• Paypal was 6.09%
• AMD +5.70%
• Taiwan Semiconductor +5.27%
• Salesforce +5.32%
• Airbnb +5.17%
• Caterpillar +5.15%
• Citigroup +5.24%
• SHopify +4.63%
• Alibaba +4.80%

Loses on the day:

• Rocket -6.10%
• Trump Media, -5.71%
• Moderna, -2.63%
• Dollar Tree, -2.44%
• Merck, -1.30%
• Walmart, -1.27%
• Paramount, -1.18%
• Visa -1.14%
• Papa Johns, -0.94%

This article was written by Greg Michalowski at www.forexlive.com.