Stocks surge a day after Federal Reserve's first interest rate cut since 2020
CBSN
Stocks on Wall Street soared Thursday a day after the Federal Reserve slashed its benchmark interest rate by 0.50 percentage points, with investors cheering the central bank's move to head off a slowdown in U.S. economic growth.
The Dow Jones Industrial Averages jumped 479 points, or 1.1%, as of 10:02 a.m. Eastern time to 41,982. The S&P 500 climbed 87 points, or 1.6%, while the tech-heavy Nasdaq jumped 2.3%.
"Stocks are exploding higher as markets absorb the Fed's outsized rate cut," Adam Crisafulli of Vital Knowledge said in a note to investors.
A longtime CIA officer who drugged, photographed and sexually assaulted more than two dozen women in postings around the world was sentenced to 30 years in federal prison Wednesday after an emotional hearing in which victims described being deceived by a man who appeared kind, educated and part of an agency "that is supposed to protect the world from evil."
A second judge refused to grant bail to Sean "Diddy" Combs on Wednesday and he could remain in federal custody at a Brooklyn detention center until his trial for sex trafficking charges. Combs joins other high-profile inmates, such as singer R. Kelly, fallen cryptocurrency mogul Sam Bankman-Fried, rapper Ja Rule —even Al Sharpton served a brief stint— who were held at the same federal detention center.
Iranian hackers sought to interest President Biden's campaign in information stolen from the rival campaign of former President Donald Trump, sending unsolicited emails to people connected to the Democratic president in an effort to interfere in the 2024 election, the FBI and other federal agencies said Wednesday.