NEW YORK (AP) — The U.S. stock market is flirting with its all-time high on Wednesday after the Federal Reserve cut its main interest rate to bolster the job market.

The S&P 500 rose 0.8% and was on track to squeak past its all-time closing high, which was set in October. The Dow Jones Industrial Average was up 559 points, or 1.2%, with roughly an hour remaining in trading, and the Nasdaq composite was 0.4% higher.

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