Stock market today: Dow surges, S&P 500 rallies near record as Fed cuts rates, Powell offers no 'surprises'

US stocks rallied on Wednesday after the Federal Reserve cut rates by 25 basis points in its final policy decision of the year, while Chair Jerome Powell expressed confidence about the trajectory of inflation and of growth in the US economy. The Dow Jones Industrial Average (^DJI) added 1%, or around 500 points. The S&P 500 (^GSPC) rose 0.7%, finishing just below a record close. The tech-heavy Nasdaq Composite (^IXIC) gained nearly 0.3%. The small-cap Russell 2000 (^RUT) also notched a fresh all-time hig ...