Stocks rallied and Treasury yields fell sharply after the Federal Reserve indicated that the cuts to interest rates Wall Street craves so much may be coming next year.
The Dow jumped to a record high close above 37,000 points. Broader indexes also rose. The S&P 500 climbed 1.4 percent and the Nasdaq composite also added 1.4 percent.
Wall Street has been mostly charging higher since October, largely on hopes that cuts to interest rates are on the way. Rate cuts can relax pressure on the economy by lowering borrowing costs, and they can goose prices for all kinds of investments.
On Wednesday:
The S&P 500 rose 63.39 points, or 1.4 percent, to 4,707.09.
The Dow Jones Industrial Average rose 512.30 points, or 1.4 percent, to 37,090.24.
The Nasdaq composite rose 200.57 points, or 1.4 percent, to 14,733.96.
The Russell 2000 index of smaller companies rose 66.24 points, or 3.5 percent to 1,947.51.
For the year:
The S&P 500 is up 102.72 points, or 2.2 percent.
The Dow is up 842.37 points, or 2.3 percent.
The Nasdaq is up 329.99 points, or 2.3 percent.
The Russell 2000 is up 66.69 points, or 3.5 percent.
For the year:
The S&P 500 is up 867.59 points, or 22.6 percent.
The Dow is up 3,942.99 points, or 11.9 percent.
The Nasdaq is up 4,267.48 points, or 40.8 percent.
The Russell 2000 is up 186.26 points, or 10.6 percent.
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