NEW YORK — World stocks hit a record high in choppy trading with equities Wall Street ending mixed on Wednesday after the Federal Reserve delivered a widely expected interest rate cut and signaled the start of a monetary policy easing cycle.

The Fed cut rates by a quarter of a percentage point and indicated it will steadily lower borrowing costs for the rest of this year. Only new Governor Stephen Miran, who joined the Fed on Tuesday and is on leave as head of the White House’s Council of Economic Advisers, dissented in favor of a half-percentage-point cut.

The S&P 500 and Nasdaq finished slightly lower while the Dow rose. The Dow Industrial Average rose 0.57% to 46,018.32, the S&P 500 fell 0.10% to 6,600.35 and the Nasdaq Composite fell 0.32% to 22,261.33.

MSCI’s gauge of stocks across

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