Nasdaq ends at record as Fed chief signals possible rate cut

eople walk by the Nasdaq MarketSite in Times Square. (AFP)

The Nasdaq rose to a record on Wednesday as US stocks rallied following dovish commentary from Federal Reserve Chairman Jerome Powell that opened the door to an interest rate cut.

All three major indices surged to all-time intraday records after Powell’s written congressional testimony was released but the tech-rich Nasdaq Composite Index was the only one to hold the record, ending at 8,202.53, up 0.8 percent at the closing bell.

The Dow Jones Industrial Average rose 0.3 percent to 26,858.87, while the S&P 500 added 0.5 percent at 2,992.97 after earlier rising above 3,000 points for the first time.

Last Update: Wednesday, 20 May 2020 KSA 09:59 - GMT 06:59