Nasdaq surges 2.5% while Dow, S&P 500 notch record highs

Market indexes (^DJI, ^IXIC, ^GSPC) ended Thursday's trading session higher, the Nasdaq Composite catapulting 2.5% higher following yesterday's interest rate cuts by the Federal Reserve. The Dow Jones Industrial Average and S&P 500 notch new record highs.

Julie Hyman recaps the day's market moves, including in the Russell 2000 small-cap index (^RUT) and the S&P Equal Weight Index (^SPXEW, ^SP500EW), while Jared Blikre checks out the sector action.

For more expert insight and the latest market action, click here to watch this full episode of Market Domination Overtime.

This post was written by Luke Carberry Mogan.

Video Transcript

There is the closing bell on Wall Street, and now it's market domination over time, sponsored by tasty trade.

We're joined by Jared to get up to speed on the action from today's session.

Let's start with me where the major averages ended the day here and it looks like records for the Dow and the S 500.

Here's the S and P 539th record Close of the year touched an intra day record during the session and now has closed at a record of 1.7% on the session in the NASDAQ composite.

Not at a record, but the winner on the day and turn percentage terms up 2.5% and the Dow Jones industrial average up 522 points, one and a quarter percent, closing at a record after hitting an intraday record.

It's interesting if you broaden it out beyond the three major averages, however, because the S and P Equal Weight Index also at a record here, up less than the S and P 500 but enough to push it to that level.

We've talked a lot about broadening that we have seen Even though big Tech did help lead today, it wasn't just participation there.

That's also evidence by the Russell 2000.

We have heard so many investors talk about how when the Fed began to cut interest rates and even before the small caps were one of their vehicles of choice.

Now the Fed is cut and you see the small caps outperforming the S and P 500 although again still trailing the NASDAQ composite on the day.

So really seeing this broad rally across stocks and across asset classes, for that matter, Jared's got a closer look at today's action.

Hey, Jared, Hey there!

A great analysis.

Let me just go back to the S and P 500.

I'm going to put a two month chart with some candlesticks here, and I want to point out yesterday's price action because that was looking very ominous.

I'm actually covering up today's, but I just want to point out we had ventured into record territory before the meeting and then closed before the prior days low.

That is a bearish pattern, but today we are closing quite above all of that mess right there, and, uh, so that negates it all.

That was very important.

Uh, we still have some warnings.

Some, uh, omens on the horizon, but I'm going to talk about that with Josh in about 30 minutes now.

The sectors, uh, came in pretty strong.

Uh, tech XL K is up almost 3% followed by consumer discretionary industrials.

Those were the three out performers, and then we had three underperformers, three in the red, real estate, staples and utilities utilities down the most, about 6/10 of a percent.

Those were the three defensive sectors.

So overall, a really bullish day, as you would expect.

Also here are leaders.

Bitcoin had a really nice day.

5% follow through from yesterday.

Chinese stocks on the move.

Going to talk about that with you, Josh in a second.

And also chip stocks really flying high here only solar ending in the red and just want to close with a seasonality point here September the final two weeks of September.

This goes January to December 2 bars for each month, the 1st 10 days of the 1st 10 trading days.

Uh, last 10 trading days of the month.

And here we are in September.

That big blue, uh, cyanne bar.

To the downside is what usually happens in the S and P 500.

So that is a tailwind.

Despite all the strength that we've seen in the markets, we do have some of those warnings, guys.