Wall Street Recovers Amid Fed Caution on Rate Cuts
Wall Street posted modest gains on Thursday after a volatile Federal Reserve meeting. The S&P 500 rose 0.5%, the Dow gained 0.4%, and the Nasdaq 100 added 0.3%, despite Fed Chair Jerome Powell signaling cautious interest rate cuts for 2024. Economic resilience was evident, with third-quarter GDP growth revised to 3.1% and weekly jobless claims dropping to 220,000. However, Micron faced its worst day since 2020 amid market turbulence, and bond yields rose as long-term Treasuries sold off.
US Stocks Recover, Micron Faces Worst Day Since 2020 Amid Fed's Cautious Tone
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