The Dow Jones Industrial Average rose 115.54 points, or 0.43%, to 27,186.96, the S&P 500 gained 9.92 points, or 0.33%, to 3,046.81 and the Nasdaq Composite added 27.12 points, or 0.33%, to 8,303.98. The interest-rate sensitive banking sub-sector pared losses after the statement, but was still down 0.69%
NEW YORK: U.S. stocks advanced on Wednesday, with the S&P 500 closing at a record for the second time in three sessions, after a policy statement by the U.S. Federal Reserve that cut interest rates by a quarter of a percentage point.
The Fed lowered its policy rate to a target range between 1.50% and 1.75%, but dropped a previous reference in its statement to "act as appropriate" to sustain the economic expansion, which could signal the Fed may hold off on future rate cuts.
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