How major US stock indexes fared Wednesday
Stocks rose and bond yields fell Wednesday as investors welcomed new signals that the Federal Reserve is ready to cut interest rates for the first time in a decade.
Technology companies led the way higher, helping the Nasdaq close at a record high. Fed Chairman Jerome Powell said many Fed officials believe a weakening global economy and rising trade tensions strengthened the case for a rate cut.
The S&P 500 index rose 13.44 points, or 0.5%, to 2,993.07.
The Dow Jones Industrial Average gained 76.71 points, or 0.3%, to 26,860.20.
The Nasdaq composite climbed 60.80 points, or 0.7%, to 8,202.53, a record.
The Russell 2000 index of smaller company stocks added 2.46 points, or 0.2%, to 1,565.05.
For the week:
The S&P 500 is up 2.66 points, or 0.1%.
The Dow is down 61.92 points, or 0.2%.
The Nasdaq is up 40.74 points, or 0.5%.
The Russell 2000 is down 10.58 points, or 0.7%.
For the year:
The S&P 500 is up 486.22 points, or 19.4%.
The Dow is up 3,532.74 points, or 15.1%.
The Nasdaq is up 1,567.25 points, or 23.6%.
The Russell 2000 is up 216.49 points, or 16.1%.