Shares of auto makers got a boost from the Fed rate decision. That’s because lower rates can mean higher new car sales.
General Motors and Ford Motor shares extended daily gains, leaving shares up 1.7% and 2%, respectively, shortly after the Fed’s decision to lower benchmark interest rates to a range of 4% to 4.25% from the prior range of 4.25% to 4.5%.
Tesla stock bounced of daily lows, leaving shares down 0.1%. Coming into Wednesday trading, Tesla stock rose for six consecutive sessions, adding about 22% over that span.