NEW YORK (Reuters) – The New York Stock Exchange ended near breakeven on Friday as investors took a breather after the previous session’s sharp rally fueled by a major interest rate cut by the Federal Reserve.
After posting their biggest daily percentage gains since mid-August on Thursday, the S&P 500 and Dow Jones remained near their levels while the Nasdaq declined, with all three indexes posting weekly gains of about 1.5%.
The Dow Jones Industrial Average gained 0.09 percent, or 38.17 points, to 42,063.36. The broader Standard & Poor’s 500 Index lost 11.09 points, or -0.19 percent, to 5,702.55. The Nasdaq Composite Index also fell, down 65.66 points, or -0.36 percent, to 17,948.321.
After starting the session in the red, stocks briefly pared losses after comments from Fed Governor Christopher Waller boosted hopes of another 50 basis point rate cut at its next meeting in November, following a similar cut on Wednesday.
Her colleague Michelle Bowman, however, maintained that a 25 basis point reduction would have been preferable this week.
“The market is still trying to recalibrate because while some market participants were expecting 50 basis points, most were not,” said Sid Vaidya, chief U.S. strategist at TD Wealth in New York.
“We need to be a little more selective and measured because we expect a slight slowdown in growth and valuations, particularly those of large caps, are a little stretched, hence the need to be cautious.”
In stocks, FedEx plunged more than 15% after lowering its annual revenue forecast.
Intel gained 3.4% after reports from the Wall Street Journal that Qualcomm (-2.8%) recently approached it about a possible acquisition of part of its business.
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(Written by Chuck Mikolajczak, Tangi Salaün)
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