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Stocks Surge Following Latest Fed Rate Decision

Stocks in New York jumped on Thursday as investors bet that the Federal Reserve is bringing an end to its interest rate hiking agenda following its interest rate rise on Wednesday that saw the federal funds rate rise to a 22-year high.

Futures on the tech-heavy Nasdaq 100 led the morning’s gains, advancing 1%, while those on the S&P 500 and the Dow Jones Industrial Average rose by 0.6% and 0.3% respectively. European stocks also advanced, with the Stoxx Europe 600 index posting a 1% gain.

As stocks rose, the dollar weakened, with the Bloomberg Dollar Index falling by 0.3%. The euro rose 5% to $1.1137, while the British pound was up by 0.4% to $1.2994.

Investor focus has now shifted to Europe, with markets predicting the European Central Bank (ECB) to raise interest rates by 25 basis points. Second-quarter gross domestic product data is set to be released later in the day, with markets expecting a 1.8% expansion.

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