Dow ends at record high on Fed rate signal

The Dow rose 512.3 points, or 1.4%, to 37,090.24, the S&P 500 gained 63.39 points, or 1.37%, to 4,707.09 and the Nasdaq added 200.57 points, or 1.38%, to 14,733.96.

NEW YORK: The Dow Jones industrial average hit its first record closing high since January 2022 and the S&P 500 and Nasdaq rallied more than 1% each on Wednesday after the Federal Reserve signalled that its interest rate-hiking policy is at an end and that it sees lower borrowing costs in 2024.

In its policy statement, the Fed also left interest rates steady, as expected, and a near-unanimous 17 of 19 Fed officials projected that the policy rate will be lower by the end of 2024.