A major stock exchange rally on Wall Street ran on in the premarket on Thursday, with the Dow Jones soaring 500 points as investors welcomed the Federal Reserve's latest monetary policy decision with open arms. The United States central bank opted, yesterday, to cut its interest rates by 50 basis points, with September projections stating that the federal funds rate is likely to stand at 4.4% at the end of this year.
The Dow Jones skyrocketed 1.21% or 502 points at 6:56 am ET. A minute later, the Nasdaq 100 shot up 2.09% or 405 points and the S&P 500 jumped 1.64%.
The euro traded 0.46% above the dollar at 6:58 am ET, changing hands for 1.11692.