NEW YORK (AP) — Most U.S. stocks are rising on Wednesday after the Federal Reserve indicated more of the cuts to interest rates that Wall Street loves are likely on the way.

The S&P 500 slipped 0.3%, even though the vast majority of the stocks within the index were up, and it was hanging near its record set at the start of the week . The Dow Jones Industrial Average was up 290 points, or 0.6%, as of 2:15 p.m. Eastern time, while the Nasdaq composite fell 0.9% because of drops for a handful of influential Big Tech stocks.

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