New York Stock Exchange Rises on Interest Rate Cut Expectations

New York Stock Exchange Closes the Week with Gains

The New York stock exchange finished the last trading day of the week with gains, bolstered by increased expectations for interest rate cuts at the Federal Reserve meeting in December. At the close, the Dow Jones index gained nearly 500 points, reaching 46,245.56 points. Other major indices, S&P 500, rose by 0.98% to 6,602.96 points, while the Nasdaq index also increased by 0.88% to 22,273.08 points.

Reasons for the Market Surge

During the week, uncertainties and high valuation concerns in asset pricing led to a downturn in the indices. However, on the last trading day of the week, especially New York Fed President John Williams’s statements paved the way for upward movement in the markets. Williams mentioned that the weakening labor market could lead to a reduction in interest rates in the short term.