The minute before the Fed made it clear that the interest rate would be cut by a quarter of a percentage point, both the broad S&P 500 index and the Nasdaq's technology-heavy composite index were in the red.
But after the announcement, things quickly turned around, and by closing, the S&P 500 and Nasdaq composite indexes had risen to plus 0.7 and 0.3 percent, respectively. The Dow Jones industrial average was up 1.1 percent.
For electric car manufacturer Polestar, in which Volvo Cars is a partner, things looked much bleaker. The stock fell 22.9 percent.
Dagens Industri notes that it came the day after Polestar did a reverse split, where 30 shares were combined into one. This after Polestar was warned and risked delisting because the share had been trading below $1 for more than 30 consecutive days.
