Dow Rebounds 300 Points from Wednesday’s Rout, Poised to End 10-Day Losing Streak
The Dow Jones Industrial Average was higher on Thursday, rebounding from its 10th straight loss.
The 30-stock Dow added 387 points, or 0.9%. The S&P 500 gained 1%, while the Nasdaq Composite climbed 1.1%.
Stocks plunged Wednesday after the Federal Reserve struck a heavy blow to the roaring bull market, signaling that it was likely to only cut interest rates twice next year, down from the four reductions that had been penciled in during their last forecast in September. The central bank also trimmed its benchmark overnight borrowing rate a quarter percentage point Wednesday, to a target range of 4.25% to 4.5%, but the question now is what policymakers will do in 2025.
“I think that this correction could last a bit,” Harvest Portfolio Management CEO Paul Meeks told CNBC’s “Squawk Box” on Thursday. “You’ve seen the marquee name Nvidia come down, so what I would expect people to do [and] what I would recommend people to do is to maybe keep some powder dry.”
Source : CNBC
