NZ sharemarket gains over 0.5% amid recession news
The S&P/NZX 50 Index began climbing at lunchtime and closed at 11,915.71, up 83 points or 0.57% after falling to a morning low of 11,781.51.
There were 84 gainers and 48 decliners over the whole market, with 40.38 million shares worth $123.3m changing hands.
The US Federal Reserve held its 23-year high cash rate at 5.25-5.5% and said it planned to cut the rate three times before the end of the year.
The major indices reacted with sharp rises, and all reached closing highs. The Dow Jones Industrial Average increased 1.03% to 39,512.13 points; the S&P 500 gained 0.89% to 5224.62; and the Nasdaq Composite gained 1.25% to 16,369.41.
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