The Dow Jones Industrial Average concluded a challenging 10-day losing streak on December 18, 2024, marking the longest downturn for the index since February 2023. The index closed at 32,144.11, up 420.40 points or 1.32%. This rebound came following the Federal Reserve’s unexpected decision to cut interest rates by a quarter percentage point. The Fed’s Chair, Jerome Powell, stated, “This move is designed to stimulate economic activity amid uncertainties in the global market.” The rate cut aimed to enhance liquidity and support growth as inflationary pressures continue to ease, with the consumer price index rising by only 2.4% year-over-year, significantly lower than the peak of 9.1% hit in June 2022. Market analysts are cautiously optimistic, noting that while the rate cut may provide temporary relief, lingering concerns about the potential for a recession persist. Stocks in various sectors responded positively, with technology companies leading the charge. Apple Inc., Microsoft Corp., and Alphabet Inc. experienced substantial gains, contributing to the overall market surge. The trading volume during the session was notably high, with over 1.5 billion shares changing hands. Investors are now closely monitoring economic indicators and the Federal Reserve’s subsequent moves as they navigate this uncertain environment.
Dow Jones Ends 10-Day Losing Streak Amid Rate Cut and Economic Reactions
