NEW YORK (AP) — The U.S. stock market neared its all-time high after the Federal Reserve cut its main interest rate to bolster the job market, and hopes strengthened for more cuts to come in 2026. The S&P 500 climbed 0.7% and ended just shy of its all-time high set in October. The Dow Jones Industrial Average jumped 1%, and the Nasdaq composite rose 0.3%. The rate cut was widely expected, but investors said comments from Fed Chair Jerome Powell may have been less harsh about closing off the possibility of future cuts than Wall Street had been bracing for.

THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.

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