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Stocks climb on rate cut hopes

Video Credit: Reuters Studio - Duration: 01:10s - Published
Stocks climb on rate cut hopes

Stocks climb on rate cut hopes

Wall Street climbed Thursday after data showing services-sector activity at a three-year low fueled expectations the Federal Reserve would cut interest rates in an effort to thwart a wider economic downturn.

Fred Katayama reports.

NOTE TO EDITORS: Arrows on graphic are corrected to show that stocks gained, not declined.

A choppy session on Wall Street Thursday.

Earlier on, stocks dropped on word that growth in the services sector had slowed to a three-year low, but recovered on the notion that the weak data will push the Federal Reserve to further cut interest rates.

The big indexes snapped a two-day losing streak.

The S&P 500 gained eight-tenths percent.

Kramer Capital Research chief investment officer, Hilary Kramer: SOUNDBITE: KRAMER CAPITAL RESEARCH CHIEF INVESTMENT OFFICER, HILARY KRAMER (ENGLISH) SAYING: "The Fed will be concerned about global recession.

You know, growth slowing internationally and therefore will cut rates.

It doesn't really matter where our numbers come out.

The Fed is going to be cutting." PepsiCo shares rallied, The beverage and snack maker's quarterly profit and sales beat analysts' expectations.

Its low-calorie version of its Gatorade sports drink lifted demand for its beverages in North America.

Constellation Brands shares fizzled.

The beer and wine maker wrote down its investment in Canopy Growth, recording a nearly $55 million loss in the cannabis producer.

GoPro shares nosedived.

The action camera maker cut its forecast for the second half due to a delay in production of its new HERO8 Black cameras.




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