Stocks Surge to Near Record Highs as Fed Signals Rate Cuts Ahead
• Dow reaches new record high, closing at 37,090.24 after Fed decision to keep interest rates steady • S&P 500 up 1.4%, just 2% from a record high; Nasdaq gains 1.4% • Markets surged as Fed forecasts 3 rate cuts in 2024, signaling confidence in a "soft landing" • Treasury yields fell to lowest level since August on Fed's dovish rate outlook • Pfizer stock fell 6.7% on weaker-than-expected 2024 guidance, while Tesla rose despite recalls