Rate cut talk pushes Dow near 40,000 as global markets rally

Wall Street Nears 40,000 Threshold as Fed Holds Rates

The Dow Jones Industrial Average is closing in on the 40,000 mark for the first time in its history, thanks to the Federal Reserve’s decision to keep interest rates unchanged and maintain its forecast for three rate cuts this year. The S&P 500 also reached a record high by surpassing the 5,200 level. European and Asian stocks saw gains as well. Meanwhile, online forum Reddit made its trading debut on the NYSE with an initial public offering price of $34 per share, giving the company a valuation of about $6.5 billion.