Stock Market today

US stocks soared on Thursday amid growing optimism that the Federal Reserve's jumbo interest rate cut will deliver a "soft landing" for the US economy.

The S&P 500 (^GSPC) climbed roughly 1.5%, while the Dow Jones Industrial Average (^IXIC) rose more than 1% with both trading near record highs. The tech-heavy Nasdaq Composite (^IXIC) led the gains, up 2.7%.

Stocks are rallying as investors take a closer look at the Fed's decision to kick-start its new rate cycle with 50 basis point cut. After Wednesday's policy announcement, the gauges swayed before closing lower.