Stocks rose and bond yields fell Wednesday as investors welcomed new signals that the Federal Reserve is ready to cut interest rates for the first time in a decade.
Technology companies led the way higher, helping the Nasdaq close at a record high. Fed Chairman Jerome Powell said many Fed officials believe a weakening global economy and rising trade tensions strengthened the case for a rate cut.
The S&P 500 index rose 13.44 points, or 0.5%, to 2,993.07.
The Dow Jones Industrial Average gained 76.71 points, or 0.3%, to 26,860.20.