We start today's other headlines with the impact of the Federal Reserve's interest rate cut.

President Biden said today he expects rates to come down even further.

That says the state of the economy he argued has reached a turning point during his presidency.

During that speech to the Economic Club of Washington, D.C.

Today, the president also said he considers

the Fed's cut a vindication of his economic policies,

but added that there's more work to be done.

So let's be clear.

The Fred, lowering interest rates, isn't a declaration of victory, it't a declaration of victory.

It's a declaration of progress.

It's a signal we've entered a new phase of our economy and our recovery.

Investors on Wall Street celebrated the Fed rate cut today with stocks surging to new highs.

The Dow Jones industrial average jumped more than 500 points to close above 42,000 for the first

time ever.

The NASDAQ surged 440 points.

The S&P 500 also spiked to a new closing high.

Earlier in the day, we also got a mixed batch of new economic data, positive news from the job market, but

troubles in the housing sector.

The numbers of Americans filing for initial unemployment benefits fell by 12,000 last week compared to the week before.

Overall, new claims hit a four month low, which signals ongoing strength in the labor market.

Separately existing home sales dropped 2.5% in August

to their lowest level in 10 months as home prices remain near record highs. The

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