NEW YORK — The U.S. stock market rose to the edge of its record on Wednesday 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 percent and finished just shy of its all-time high, which was set in October. The Dow Jones Industrial Average jumped 497 points, or 1 percent, and the Nasdaq composite rose 0.3 percent.

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Wall Street loves lower interest rates because they can boost the economy and send prices for investments higher, even if they potentially make inflation worse.

Wednesday’s cut to interest rates was widely expected and did not move markets much by itself. But some investors found encouragement from comments by Fed Chair Jerome Powell, which they sai

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