US equities rallied Wednesday afternoon after the Federal Reserve delivered a widely anticipated quarter-point interest-rate cut and Chair Jerome Powell touted the resilience of the US economy while assuaging concerns around the inflationary impact of tariffs.
The S&P 500 Index rose 0.7% in New York, posting its biggest gain on a Fed decision day since March and closing just shy of a record high. The technology-heavy Nasdaq 100 Index advanced 0.4%. An equal-weighted version of the S&P 500 — a proxy of market breadth — jumped 1.4%, signaling strength beyond Big Tech.