SPY eyes biggest jump after a scheduled Fed meeting since the 2008 financial crisis

The SPDR S&P 500 ETF (NYSEARCA:SPY) – the largest exchange-traded fund by assets tracking the S&P 500 (SP500) – was on course for a new all-time high Thursday, and the biggest jump after a set Federal Reserve meeting since 2008.

The fund (SPY) was up as much as 2% to 572.88 a day after the Fed cut its key interest rate by a large 50 basis points to 4.75%-5%, and said more reductions are in the pipeline. The benchmark S&P 500 (SP500) itself pushed above 5,700 for the first time ever.

The ETF (SPY), with ~$556.1B assets under management, was looking at its biggest advance after a scheduled Fed meeting since Oct. 30, 2008, Bespoke Investment Group noted Thursday. The fund (SPY) then had climbed 2.9% a day after the Fed slashed its benchmark rate by 50bp to 1% to address financial turmoil stemming from the subprime mortgage crisis.

Policymakers under Ben Bernanke’s leadership also cut the rate in early October 2008 by 50bp.

Here are SPY’s (SPY) biggest gainers during Thursday’s session:

• Darden Restaurants (DRI) +7.5%
• Tesla (TSLA) +7.1%
• Advanced Micro Devices (AMD) +6.6%
• PayPal Holdings (PYPL) +6.3
• Monolithic Power Systems (MPWR) +6.2%
• Quanta Services (PWR) +6.1%
• KLA Corp. (KLAC) +6%
• Applied Materials (AMAT) +6%
• Airbnb (ABNB) +5.6%
• Salesforce (CRM) +5.2%

Here are some other S&P ETFs: (VOO), (IVV), (RSP), (UPRO), (SH), and (SPXU).