The Federal Reserve cuts interest rates as scheduled, Dow Jones is on its longest decline in 50 years
The Federal Reserve has cut interest rates by 25 basis points as expected, suggesting a slowdown in the pace of rate cuts. The U.S. stock market fell, erasing earlier gains.
The Dow Jones Index is expected to fall for the tenth consecutive trading day, which would be the longest single-day decline since a streak of 11 days in October 1974. All eleven major sectors of the S&P 500 index were down, with real estate leading the decline.
Higher interest rates are typically seen as a drag on the stock market, increasing the appeal of lower-risk assets while suppressing companies' ability to increase earnings.
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