The Dow Jones Industrial Average was on the verge Thursday of reaching 40,000 points for the first time in its 128-year history. The index was up 332 points, or 0.8%, around midday, to 39,844.
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The S&P 500 was up 0.7% and the Nasdaq was up 0.8%. All three major indexes closed at record highs Wednesday after the Federal Reserve kept investors’ hopes alive for interest rate cuts later this year.
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Both stock and crypto markets rallied on Thursday morning following the Fed meeting Wednesday. The Swiss National Bank’s surprise interest rate cut helped spread the bullish sentiment.
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And Reddit was set to make its debut on the New York Stock Exchange in a highly anticipated initial public offering — the first by a social media company since Pinterest went public in 2019. Reddit priced its IPO at $34 per share on Wednesday evening, which would value the company at $6.5 billion.
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This is a developing story and will be updated.