S&P 500 and Nasdaq Reach New Highs Amid Fed Rate Cuts and Market Rally

The S&P 500 and Nasdaq Composite hit record highs as the Federal Reserve cut interest rates by 25 basis points, following Donald Trump's presidential election victory. The tech sector, led by Nvidia and Amazon, drove the rally, while the Dow Jones remained flat after a significant gain. Fed Chair Jerome Powell stated that the election would not impact the Fed's policy decisions. The market's optimism is fueled by expectations of Trump's corporate tax cuts and deregulation plans, despite concerns over rising mortgage rates and housing affordability.