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Fed's December rate cut boosts high-beta stocks. Cipher Mining hit recent highs. Russell 2000 index gains to 2,550 points, up near 1%. Dow Jones, S&P 500, and Nasdaq 100 show slight gains. Small caps seen as biggest beneficiaries of cutting borrowing costs.
Investor confidence was boosted on Wednesday as the Federal Reserve announced a third consecutive interest rate cut. This led to a surge in high-beta stocks related to clean energy, crypto mining, and space tech. Cipher Mining stock reached near recent highs prompting speculation about its future performance. The iShares Russell 2000 ETF (NYSE: IWM) saw the Russell 2000 index rise to 2,550 points, hitting record highs and posting a nearly 1% increase for the session. Small caps are being viewed favorably by investors due to the reduced borrowing costs. The Dow Jones, S&P 500, and Nasdaq 100 also saw slight gains. The rate cut's impact further reduced borrowing costs. More details can be found on Benzinga.com.