Shares of industrial and transportation companies rallied after the Federal Reserve left rates unchanged, and indicated that its next move would be a rate cut.
Fed Chairman Jerome Powell said he was not declaring victory over inflation, but nevertheless said that interest rates had likely peaked or were close to a peak.
One strategist said the Fed's decision to increase estimates for the number of 2024 rate cuts took him by surprise.
"While lower GDP growth and higher unemployment may be the catalyst for those extra cuts, the market seems to be looking past that," said John Lynch, chief investment officer at Comerica Wealth Management.
Defense contractor Lockheed Martin secured a court ruling forcing Howmet to resume titanium shipments for the F-35 program that had been suspended last month over a pricing dispute.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
12-13-23 1723ET
