Energy’s Biggest Gainers After Fed Rate Cut

The U.S. stock and energy markets gave up on Friday some of the big gains that they made after the Federal Reserve announced the first interest rate cut in four years. The U.S. central bank announced a larger-than-usual half-percentage-point reduction, with Fed Chair Jerome Powell managing to thread the needle to suggest the deeper-than-usual cut was just a “recalibration” of policy and not a move meant to prevent a recession. The broad-based rally saw the S&P 500 jump 2.0%; the tech-heavy Nasdaq Composite gained 2.9%, the Dow Jones…