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Hey listeners, it's Saturday, September 20th.
I'm Jack Pitcher for The Wall Street Journal, and this is What's News in Markets,
our look at the biggest stock moves of the week and the news that drove them.
Let's get to it!
Stock investors cheered after the Federal Reserve delivered a long-awaited interest rate cut this week.
The central bank cut its benchmark rate by a quarter percentage point at the conclusion of its September meeting on Wednesday,
and officials projected two more rate cuts by the end of this year.
The cuts, which are coming after months of data showing a weakening labor market,
are intended to stimulate the economy by making it cheaper tomorrow.
All three major stock indexes hit records this week.
But that doesn't mean all of Wall Street is confident about the economic outlook.
Index gains have been juiced by a handful of trillion-dollar tech companies,
and lower rates also tend to boost stocks by making bonds look comparatively less attractive.
Traders will be closely watching labor market data the rest of the year to see whether job gains begin to accelerate again.
Any prolonged downturn in the labor market is likely to impact consumer spending and the stock market.
For the week, the S&P 500 added 1.2%, while the Dow was 1.1% higher.