Fed interest rate cut finally comes and Wall Street swoons

At its September meeting, the central bank lowered rates by 25 basis points to a target range of 4%-4.25%, in line with expectations.

Intel Corp. was the standout stock of the week. Shares jumped 23% on Thursday after Nvidia revealed a $5 billion investment in Intel common stock at $23.28 per share.

Wall Street climbed to fresh record highs after the Federal Reserve delivered its first interest rate cut in nine months — hinting that more reductions could be on the way.

On Thursday, Sept. 18, the S&P 500, Nasdaq 100, Dow Jones and small-cap Russell 2000 all closed at all-time highs as investors celebrated the Fed’s move.

At its September meeting, the central bank lowered rates by 25 basis points to a target range of 4%-4.25%, in line with expectations, as policymakers shifted their focu