Fed Rate Cut Hopes Boost Financial Stocks

Major financial stocks, including T. Rowe Price, NCR Atleos, American Express, and Blackstone, surged following comments from Federal Reserve President John Williams hinting at a potential December rate cut. This optimism, driven by the possibility of increased loan demand and reduced loan defaults, led to significant gains for these companies. Despite todays increase, T. Rowe Price remains down eleven point six percent year-to-date and nearly twenty percent below its fifty-two-week high.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.