NEW YORK: The Dow Jones industrial average hit its first record closing high since January 2022 and the S&P 500 and Nasdaq rallied more than 1% each on Wednesday after the Federal Reserve signalled that its interest rate-hiking policy is at an end and that it sees lower borrowing costs in 2024.
In its policy statement, the Fed also left interest rates steady, as expected, and a near-unanimous 17 of 19 Fed officials projected that the policy rate will be lower by the end of 2024.
Indexes were flat ahead of the announcement and quickly gained ground after the news.
...