Pete Alonso homers twice, knocks in 3 to lead Mets to 9-1 victory over Rockies

DENVER (AP) — Pete Alonso hit two home runs, David Peterson gave up one earned run across five innings and the New York Mets rolled past the Colorado Rockies 9-1 on Thursday to clinch a series victory.

Mark Vientos hit his 17th homer of the season, Jose Iglesias had two RBIs, and Francisco Lindor had two hits and an RBI for the Mets, who moved a half-game ahead of the division rival Atlanta Braves in the race for a National League wild-card spot.

Each member of the Mets’ lineup finished with at least one hit, with five of those players hitting a double.

“I thought today was just a great team effort,” Alonso said. “Pitching was phenomenal. Defense was great. Offensively, it was a really good day for us.”

Alonso’s 471-foot, two-run home run to deep center field keyed a four-run first inning for New York, which got five extra-base hits in the inning.

“I felt it and knew I got it,” Alonso said. “I didn't really know how far it was going to go and I'm like, ‘Wow, that’s definitely one of my best bolts.'”

The homers were Alonso’s team-leading 24th and 25th of the season, giving the 29-year-old first baseman his second multi-homer game of the season and first since April 13. His three hits were tied for his most in a game this season.

Peterson (6-1), who grew up in the Denver area, struck out five batters in his first career start at Coors Field and gave up two earned runs or fewer for the eighth time in his past nine outings.

“Pitching with a lead like that, it makes my job easier,” Peterson said. “I go out there, throw strikes and try to get them back in the dugout so they can hit again. They just kept pouring it on.”

The loss was the Rockies’ ninth in their past 13 games and dropped them to 42-74, the worst record in the National League.

Austin Gomber (3-8) took the loss for Colorado after giving up six hits and five earned runs in just three innings, tied for his shortest appearance of the season.

“Nothing really had bite,” Gomber said. “I felt good for the better part of the last two months physically. Today is just kind of one of those days in August. I knew early on everything was kind of a couple of ticks down. It makes it hard. The game's hard enough. When you don't really have your best stuff, it gets even harder.”

Ezequiel Tovar and Brendan Rodgers finished with two hits apiece for the Rockies. Brenton Doyle drove in Colorado’s lone run of the afternoon with a sacrifice fly in the fifth inning.

TRAINER’S ROOM

Rockies: Placed RHP Ryan Feltner (right shoulder strain) on the 15-day IL and recalled RHP Riley Pint from Triple-A Albuquerque. Feltner exited his start Wednesday against the Mets after just one inning due to right shoulder and lat soreness. ... RHP Peter Lambert left the game after three innings of relief after injuring his thumb. Manager Bud Black said x-rays were negative, but that Lambert's thumb is “severely bruised.”

UP NEXT

Mets: LHP Jose Quintana (6-7, 3.95 ERA) will take the mound against RHP Bryce Miller (8-7, 3.62) and the Mariners on Friday in Seattle.

Rockies: RHP Tanner Gordon (0-3, 6.75 ERA) will face off against RHP Spencer Schwellenbach (4-5, 4.04) and the Atlanta Braves Friday in Denver.

AP MLB: https://apnews.com/hub/mlb

Colorado Rockies relief pitcher Peter Lambert, right, explains the pain in his hand to trainer Keith Dugger, front left, as manager Bud Black, second from right, looks on with home plate umpire Alfonso Marquez, back left, and catcher Jacob Stallings, back center, in the seventh inning of a baseball game against the New York Mets Thursday, Aug. 8, 2024, in Denver. Lambert was pulled from the mound. (AP Photo/David Zalubowski)

New York Mets fans cheer as Mets relief pitcher Danny Young strikes out Colorado Rockies' Brenton Doyle to end a baseball game Thursday, Aug. 8, 2024, in Denver. (AP Photo/David Zalubowski)

New York Mets third baseman Mark Vientos pulls in a pop fly off the bat of Colorado Rockies' Sam Hilliard to end the second inning of a baseball game Thursday, Aug. 8, 2024, in Denver. (AP Photo/David Zalubowski)

New York Mets' Mark Vientos gestures as he circles the bases after hitting a two-run home run off Colorado Rockies relief pitcher Peter Lambert in the fifth inning of a baseball game Thursday, Aug. 8, 2024, in Denver. (AP Photo/David Zalubowski)

New York Mets' Mark Vientos follows the flight of his two-run home run off Colorado Rockies relief pitcher Peter Lambert in the fifth inning of a baseball game Thursday, Aug. 8, 2024, in Denver. (AP Photo/David Zalubowski)

New York Mets' Pete Alonso crosses home plate after hitting a solo home run off Colorado Rockies pitcher Austin Gomber in the third inning of a baseball game Thursday, Aug. 8, 2024, in Denver. (AP Photo/David Zalubowski)

Colorado Rockies relief pitcher Riley Pint works against the New York Mets in the seventh inning of a baseball game Thursday, Aug. 8, 2024, in Denver. (AP Photo/David Zalubowski)

Colorado Rockies' Kris Bryant reacts after striking out against New York Mets starting pitcher David Peterson to end the fifth inning of a baseball game Thursday, Aug. 8, 2024, in Denver. (AP Photo/David Zalubowski)

New York Mets' Pete Alonso gestures to the bullpen as he circles the bases after hitting a two-run home run off Colorado Rockies pitcher Austin Gomber in the first inning of a baseball game Thursday, Aug. 8, 2024, in Denver. (AP Photo/David Zalubowski)

New York Mets' Pete Alonso, left, gestures to the bullpen as he circles the bases after hitting a two-run home run as third base coach Mike Sarbaugh looks on in the first inning of a baseball game against the Colorado Rockies Thursday, Aug. 8, 2024, in Denver. (AP Photo/David Zalubowski)

New York Mets' Harrison Bader, right, congratulates Pete Alonso, left, who returns to the dugout after hitting a solo home run off Colorado Rockies pitcher Austin Gomber in the third inning of a baseball game Thursday, Aug. 8, 2024, in Denver. (AP Photo/David Zalubowski)

New York Mets relief pitcher Ryne Stanek works against the Colorado Rockies in the seventh inning of a baseball game Thursday, Aug. 8, 2024, in Denver. (AP Photo/David Zalubowski)

New York Mets relief pitcher Danny Young works against the Colorado Rockies in the ninth inning of a baseball game Thursday, Aug. 8, 2024, in Denver. (AP Photo/David Zalubowski)

New York Mets' Pete Alonso, left, congratulates Mark Vientos, right, after Vientos' two-run home run off Colorado Rockies relief pitcher Peter Lambert in the fifth inning of a baseball game Thursday, Aug. 8, 2024, in Denver. (AP Photo/David Zalubowski)

New York Mets' Pete Alonso singles off Colorado Rockies relief pitcher Peter Lambert in the fifth inning of a baseball game Thursday, Aug. 8, 2024, in Denver. (AP Photo/David Zalubowski)

New York Mets' Pete Alonso gestures to the bullpen after singling against Colorado Rockies relief pitcher Peter Lambert in the fifth inning of a baseball game Thursday, Aug. 8, 2024, in Denver. (AP Photo/David Zalubowski)

New York Mets' Pete Alonso follows the flight of his two-run home run off Colorado Rockies starting pitcher Austin Gomber in the first inning of a baseball game Thursday, Aug. 8, 2024, in Denver. (AP Photo/David Zalubowski)

NEW YORK (AP) — Wall Street is romping toward records Thursday as a delayed jubilation sweeps markets worldwide following the Federal Reserve’s big cut to interest rates.

The S&P 500 was up by 1.9% in late trading and above its all-time closing high set in July. The Dow Jones Industrial Average was up 580 points, or 1.4%, and on track to top its record set on Monday. The Nasdaq composite was 2.8% higher with an hour left in trading.

The rally was widespread, and the company behind Olive Garden and Ruth's Chris, Darden Restaurants, helped lead the way with a jump of 7.8%. It said sales trends have been improving since a sharp step down in July, and it announced a delivery partnership with Uber.

Nvidia, meanwhile, barreled 4.6% higher and was once again the strongest force lifting the S&P 500. Lower interest rates weaken criticism by a bit that its shares and those of other influential Big Tech companies look too expensive following the frenzy around artificial-intelligence technology.

Wall Street's gains followed rallies for markets across Europe and Asia after the Federal Reserve delivered the first cut to interest rates in more than four years late on Wednesday.

It was a momentous move, closing the door on a run where the Fed kept its main interest rate at a two-decade high in hopes of slowing the U.S. economy enough to stamp out high inflation. Now that inflation has come down from its peak two summers ago, Chair Jerome Powell said the Fed can focus more on keeping the job market solid and the economy out of a recession.

Wall Street’s initial reaction to Wednesday’s cut was a yawn, after markets had already run up for months on expectations for coming reductions to rates. Stocks ended up edging lower after swinging a few times.

“Yet we come in today and have a reversal of the reversal,” said Jonathan Krinsky, chief market technician at BTIG. He said he did not anticipate such a big jump for stocks on Thursday.

Some analysts said the market could be relieved that the Fed’s Powell was able to thread the needle in his press conference and suggest the deeper-than-usual cut was just a “recalibration” of policy and not an urgent move it had to take to prevent a recession.

That bolstered hopes that the Federal Reserve can successfully walk its tightrope and get inflation down to its 2% target without a recession. So too did a couple reports on the economy released Thursday. One showed fewer workers applied for unemployment benefits last week, another signal that layoffs across the country remain low.

The pressure is nevertheless still on the Fed because the job market and hiring have begun to slow under the weight of higher interest rates. Some critics say the central bank waited too long to cut rates and may have damaged the economy.

Powell, though, said Fed officials are not in “a rush to get this done” and would make decisions on policy at each successive meeting depending on what the incoming data says.

Some investment banks raised their forecasts for how much the Federal Reserve will ultimately cut interest rates, anticipating even deeper reductions than Fed officials. Forecasts released Wednesday show Fed officials expect to cut interest rates by potentially another half of a percentage point in 2024 and another full point in 2025. The federal funds rate is currently sitting in a range of 4.75% to 5%.

Lower interest rates help financial markets in two big ways. They ease the brakes off the economy by making it easier for U.S. households and businesses to borrow money, which can accelerate spending and investment. They also give a boost to prices of all kinds of investments, from gold to bonds to cryptocurrencies. Bitcoin rose above $63,500 Thursday, up from about $27,000 a year ago.

An adage suggests investors should not “fight the Fed” and instead ride the rising tide when the central bank is cutting interest rates. Wall Street was certainly doing that Thursday. But this economic cycle has continued to break conventional wisdoms after the COVID-19 pandemic created an instant recession that gave way to the worst inflation in generations.

Wall Street is worried that inflation could remain tougher to fully subdue than in the past. And while lower rates can help goose the economy, they can also give inflation more fuel.

The upcoming U.S. presidential election could also keep uncertainty reigning in the market. A fear is that both the Democrats and Republicans could push for policies that add to the U.S. government’s debt, which could keep upward pressure on interest rates regardless of the Fed’s moves.

History may also offer few clues about how things may progress given how unusual the conditions are. This looks to have higher expectations for rate cuts than past easing cycles, according to strategists at Bank of America.

The economic conditions of this cycle one may resemble 1995 a bit, but unfortunately “no great analogs exist,” the strategists led by Alex Cohen wrote in a BofA Global Research report.

In the bond market, the yield on the 10-year Treasury edged up to 3.73% from 3.71% late Wednesday. The two-year Treasury yield, which more closely tracks expectations for Fed action, fell to 3.60% from 3.63%.

In stock markets aboard, indexes jumped even more across the Atlantic and Pacific oceans. They rose 2.3% in France, 2.1% in Japan and 2% in Hong Kong.

The FTSE 100 climbed 0.9% in London after the Bank of England kept interest rates there on hold. The next big move for a central bank arrives Friday, when the Bank of Japan will announce its latest decision on interest rates.

AP Business Writers Matt Ott and Elaine Kurtenbach contributed.

Trader Michale Conlon, right, works on the floor of the New York Stock Exchange as Federal Reserve Chair Jerome Powell's news conference appears on a television screen behind him, Wednesday, Sept. 18, 2024. (AP Photo/Richard Drew)

The news conference of Federal Reserve Chair Jerome Powell appears on television screens on the floor of the New York Stock Exchange, Wednesday, Sept. 18, 2024. (AP Photo/Richard Drew)

Currency traders watch monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, Sept. 19, 2024. (AP Photo/Ahn Young-joon)

A currency trader talks on the phone near a screen showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, Sept. 19, 2024. (AP Photo/Ahn Young-joon)

Specialist Genaro Saporito, foreground, works with traders at his post on the floor of the New York Stock Exchange, Wednesday, Sept. 18, 2024. (AP Photo/Richard Drew)

The news conference of Federal' Reserve Chair Jerome Powell appears on a screen as trader Neil Catania works on the floor of the New York Stock Exchange, Wednesday, Sept. 18, 2024. (AP Photo/Richard Drew)

Trader Leon Montana works on the floor of the New York Stock Exchange, Wednesday, Sept. 18, 2024. (AP Photo/Richard Drew)

Currency traders work near a screen showing the Korea Composite Stock Price Index (KOSPI), top left, and the foreign exchange rate between U.S. dollar and South Korean won, top center, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, Sept. 19, 2024. (AP Photo/Ahn Young-joon)