New York Stock Market Pauses Amid Fatigue from 'Big Cut Rally'... Only Dow Hits Record High

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The U.S. New York stock market closed flat due to fatigue after the 'big cut' (0.5 percentage point interest rate cut) rally. The Dow Jones Industrial Average hit another all-time high thanks to gains in Nike.

On the 20th (local time), the Dow Jones Industrial Average rose 38.17 points (0.09%) to 42,063.36, continuing its record-breaking streak. However, the S&P 500 index fell 11.09 points (0.19%) to 5,702.55, and the Nasdaq Composite Index dropped 65.66 points (0.36%) to 17,948.32. Over the week, the S&P 500 rose 1.36%, the Nasdaq increased 1.49%, and the Dow gained 1.62%. Among the 11 sectors of the S&P 500, the utilities sector rose the most, up 2.69%.

Following the Federal Reserve's (Fed) 50 basis point (1bp=0.01 percentage point) rate cut on March 18, 2020?the first in four and a half years?the rally continued, with only the Dow showing an upward trend while the other indices took a breather.

After The Wall Street Journal reported that Qualcomm made a takeover offer to Intel, Intel's stock rose more than 3%. Nike surged 6.84%. Nike's stock jumped nearly 7% on news that Elliott Hill, who worked at Nike for 32 years since 1988 and retired in 2020, would return as the new CEO. Tesla and Nvidia fell 2.32% and 1.59%, respectively.

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