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The S&P 500 index narrowly missed a fresh record close Wednesday and the Dow Jones Industrial Average finished with strong gains after the Federal Reserve's decision to deliver a final quarter-point rate cut for 2025, which gave investors optimism that equities can keep climbing through year-end.
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The Federal Reserve cut its benchmark interest rate by a quarter point Wednesday for the third time since September, bringing its key rate to about 3.6%, the lowest in nearly three years. Before September, it had gone nine months without a cut.
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Three members of the Federal Open Market Committee didn't agree with the central bank's quarter percentage point cut on Wednesday.
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The Federal Reserve on Wednesday made its final final interest rate move of the year.
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