On Thursday, the Dow Jones Industrial Average rose to a new record high, following a powerful rally across Wall Street.
The Federal Reserve indicated that interest rate cuts are likely next year, which has been driving the markets up since October. The S&P 500 also rose to within reach of its own record, closing at 4,707.09. Markets have been rallying as investors began hoping that cuts may be on the way. Rate cuts particularly help investments seen as expensive or that force their investors to wait the longest for big growth. Some of Wednesday’s bigger winners were bitcoin, which rose nearly 4%, and the Russell 2000 index of small U.S. stocks, which jumped 3.5%.
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