Markets have been rallying since October amid rising hopes that cuts may be on the way
NEW YORK — A powerful rally across Wall Street sent the Dow Jones Industrial Average to a record on Wednesday after the Federal Reserve indicated that the cuts to interest rates investors crave so much may be coming next year.
The Dow jumped 512 points, or 1.4%, to top 37,000 and surpass its prior peak of 36,799.65 set at the start of last year.
Other, more widely followed indexes of U.S. stocks also leaped. The S&P 500 rose 1.4% and is within 2% of its own record. The Nasdaq composite also gained 1.4%.