NEW YORK (AP) — The U.S. stock market is rising closer to its all-time high on Wednesday after the Federal Reserve cut its main interest rate to bolster the job market, just like nearly everyone on Wall Street expected.

The S&P 500 rose 0.4% and inched closer to its record, which was set in October. The Dow Jones Industrial Average added 386 points, or 0.8%, as of 2:34 p.m. Eastern time, and the Nasdaq composite edged up 0.1%.

Wall Street loves lower interest rates because they can boost the economy and goose prices for investments, even if they also can worsen inflation. The market reacted only modestly to Wednesday’s cut because stock prices had already run toward their records on the widespread assumption that exactly such a move was coming.

The bigger question remains how many more

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