The Dow Jones Industrial Average hit its first record closing high since January 2022, and the S&P 500 and Nasdaq rallied more than 1% each on Wednesday after the Federal Reserve signaled that its interest rate-hiking policy is at an end and that it sees lower borrowing costs in 2024.
In its policystatement, the Fed also left interest rates steady, as expected, and a near-unanimous 17 of 19 Fed officials projected that the policy rate will be lower by the end of 2024.
Indexes were flat ahead of the announcement and quickly gained ground after the news.
Stockssharply extended gains as Fed ChairJerome Powellsaid during a press conference that the Fed is “not likely” to hike further and that the Fed is “very focused on not making the mistake of keeping rates too high for too long.”
The Fed since March 2022 has raised its policy rate by 525 basis points in an effort to curb inflation.
“The statement is telling us that the Fed is seeing what the markets have already started to discount, that you’re going to have inflation back to normal without a recession,” said Tom Martin, senior portfolio manager at Globalt Investments in Atlanta.
“We kind of hoped it was going to be this, but we didn’t really think it was.”
The blue-chip index’sfirst all-time highin nearly two years confirmed that it has been in a bull market since tumbling more than 20% through its closing low in September 2022, according to a common definition.
The day’s rally was broad-based with all major S&P 500 sectors ending higher. The rate-sensitive S&P 500 real estateand utilitiessectors rose more than 3% each, leading sector gains. The small-cap Russell 2000 indexshot up 3.5%.
The Dow Jones Industrial Averagesurged 512.30 points, or 1.4%, to 37,090.24, while the Nasdaq and S&P 500each rose 1.4%.
The S&P 500 and Nasdaq hit fresh closing highs for the year. The S&P 500 is now up 22.6% for the year to date, while the Nasdaq is up 40.7% in that period and the Dow is up 11.9%.
Stocks have been rising for weeks on the view that the Fed is likely done hiking rates and will shift to rate cuts next year.
Following the Fed statement, interest rate futures raised the odds of a May rate cut to 90% versus 80% just before the announcement, according to LSEG’sFedwatch.
Earlier in the day,data showed producer prices were unexpectedly unchanged in November amid cheaper energy goods. In a report on Tuesday, US consumer prices unexpectedly rose in November as a decline in the cost of gasoline was more than offset by increases in rents.
Bucking the day’s trend, shares of Pfizerdropped 6.7% after the drugmaker forecast 2024 revenue below Wall Street’s expectations.
Volume on US exchanges was 14.35 billion shares, compared with the 11.04 billion average for the full session over the last 20 trading days.
Rodrigo Duterte, the former president of the Philippines, has appeared at the International Criminal Court, accused of crimes against humanity.
The 79-year-old appeared in the Netherlands via video link on Friday.
His lawyer said he was suffering from “debilitating medical issues” but the judge in The Hague, Iulia Motoc, said the court doctor had found him to be “fully mentally aware and fit”.
She said he was allowed to appear remotely because he had taken a long flight.
Wearing a jacket and tie, Duterte spoke briefly to confirm his name and date of birth.
He was read his rights and formally informed of the charges. His supporters contest his arrest and say the court does not have jurisdiction.
If convicted, he faces life in prison.
His daughter Sara Duterte, the current vice president of the Philippines, said she was hoping to visit her father and have the hearing moved after meeting supporters outside the court.
Back home in the Philippine capital region, large screens were set up to allow families of suspects killed in the crackdowns to watch the proceedings.
Image: Police protested over the killings when Mr Duterte was still in charge in 2021. Pic: AP
Prosecutors accuse Duterte of forming and arming death squads said to have killed thousands of drug dealers and users during a brutal crackdown on illegal drugs.
Police say more than 6,200 people were killed in what they describe as shootouts while he was president from 2016 to 2022.
They claim he was an “indirect co-perpetrator” in multiple murders, allegedly overseeing killings between November 2011 and March 2019.
Before becoming president, Duterte was the mayor of the southern city of Davao.
According to the prosecution, he issued orders to police and other “hitmen” who formed the so-called “Davao Death Squads” or DDS.
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Why was Duterte arrested?
Estimates of the death toll during his six-year presidential term vary, from more than 6,000 reported by national police, to 30,000 claimed by human rights groups.
The warrant for his arrest said there were “reasonable grounds to believe that Mr Duterte bears criminal responsibility for the crime against humanity of murder”.
Duterte has said he takes full responsibility for the “war on drugs”.
He was arrested on Tuesday amid chaotic scenes in Manila, the capital of the Philippines, after returning from a visit to Hong Kong.
He also refused to have his fingerprints taken and threatened Police Major General Nicolas Torre with lawsuits before he was bundled onto a government-chartered jet at a Philippine air base and taken to The Hague, Maj Gen Torre told the Associated Press.
This breaking news story is being updated and more details will be published shortly.
Build Your Dreams (BYD) is gearing up for what has the makings of an epic launch event this coming Monday. The Chinese automaker announced several incoming debuts coming early next week, including a new “BYD Super e-Platform,” described as a “new benchmark in electric.” What’s most interesting, however, is that BYD is teasing a new ultra-fast EV charger with up to 1,000 kW of power – that’s twice as powerful as the current best on the market.
Automotive conglomerate BYD is at it again, continuously showcasing its innovation and market expansion as a clear force that will not be ignored by the global automotive segment. In addition to several EV marques, including its new ultra-performance Yangwang brand, BYD develops and implements EV battery technology and EV charging infrastructure.
Earlier this week, BYD shared that Yangwang will be launching its new U7 sedan at an event held at the former’s headquarters in Shenzen, China, later this month. Before then, however, BYD is preparing for a launch event for its own namesake as early as this Monday at HQ.
According to a Weibo post from earlier today, BYD’s launch event on the 17th promises the debut of a new high-performance EV platform, the start of pre-sales of two new models, and an unveiling of new EV charger technology capable of up to 1,000 kW. Eat your heart out, Tesla. You, too, Electrify America.
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Source: BYD/Weibo
BYD to unveil 1,000 kW fast charging tech on 3/17
According to the Weibo Post from BYD, its next launch event will take place this coming Monday, March 17 at 7 PM Beijing time (7 AM EDT). The post was translated to English, but essentially promises the debut of its new “BYD Super e-Platform,” which will reinvent pure electric technology.
As reported by CnEVPost, an invitation to the event elaborated on the capabilities of the Super e-Platform, stating it will “use disruptive technology to completely solve the biggest headache in EV use.” That’s assumedly the charging process and how long even the fastest chargers still take in comparison to a gas station visit.
On that note, the BYD event also includes the debut of a new 1,000 kW EV fast charger. Per the post seen above:
1,000-kW flash charging that allows refueling and charging to have the same speed.
A 1,000 kW BYD fast charger would be a marvel and a potential game changer for EV adoption, doubling the power of current industry leaders like Tesla. The American automaker began rolling out its V4 Superchargers in North America in 2023, which are currently capable of 325 kW. However, Tesla has shared plans to boost those capabilities with 500 kW cabinets this year.
Even so, BYD is on the cusp of introducing EV charging capabilities that are double that prospective target, and it already has the technology out in the wild. CnEVPost also shared reports from several auto bloggers in China that captured images of what seems to be the new BYD charger, relaying that specifications listed on the pile support up to 1,000 volts and power of up to 1,000 kW.
BYD also intends to open pre-sales of its Han L and Tang L EVs at the same event. Because of this, there is speculation that both models will sit atop BYD’s Super e-Platform and support charging power of up to 1,000 kW.
We won’t know for sure until Monday, but this sounds like it will be an exciting one from BYD. Circle back to Electrek on Monday for a full recap.
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Kia opened its new “Unplugged Ground” on Friday, a unique EV experience. The complex has Kia’s latest EVs, including the EV4, on display for visitors to meet and interact with.
Kia opens new Unplugged Ground EV experience
The Kia Unplugged Ground first opened in 2021 following the launch of its first dedicated electric vehicle, the EV6. It’s located in
Since then, Kia has revamped the brand with a new logo, branding, and sleek new styling. It has also introduced an entirely new generation of mass-market EVs that are now rolling out globally.
Kia introduced its first electric sedan, the EV4, earlier this year during its 2025 EV Day event (see our event recap). We also got our first look at the PV5, Kia’s first electric van, and the EV2, its smallest, cheapest model set to launch next year.
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These will join the three-row EV9, and smaller EV3 and EV5 electric SUVs in Kia’s wide-ranging lineup. As part of its “EVs for all” strategy, prices will range from under $30,000 to upwards of $80,000.
To coincide with the launch of the EV4, Kia transformed the EV experience center. The upgraded facility opened in Seongsu-dong, Seoul, on Friday with a futuristic look and cool new interactive technology.
The EV experience center now displays Kia’s entire lineup, including the EV4, EV3, EV6, and EV9. Visitors can interact with the vehicles using Apple’s mixed reality headset Vision Pro, racing simulators, and more. They can even try out the EV9’s advanced driver assistance systems virtually.
Kia EV4 sedan (Source: Hyundai Motor)
Kia’s upgraded EV brand experience comes after it opened EV4 orders earlier this week in Korea. The EV4 starts at 41.92 million won, or roughly $29,000.
Kia EV4 Trim
Starting Price
Kia EV4 Standard Air
41.92 million won ($28,900)
Kia EV4 Standard Earth
46.69 million won ($32,000)
Kia EV4 Standard GT-Line
47.83 million won ($32,900)
Kia EV4 Long Range Air
46.29 million won ($31,800)
Kia EV4 Long Range Earth
51.04 million won ($35,000)
Kia EV4 Long Range GT-Line
51.04 million won ($35,900)
Kia EV4 prices in South Korea (Source: Hyundai Motor)
With a 58.3 kWh battery, the standard EV4 Air is rated with up to 237 miles (382 km) driving range. The long-range model, starting at 46.29 million won ($31,800), features an 81.4 kWh battery for up to 331 miles (533 km) range.
Later this year Kia will launch the electric sedan in the US, Europe, and other global markets. Maybe, we could get one of these futuristic EV experience centers, too?
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