All three major indexes were on pace to close at all-time highs on Wednesday afternoon, as investors cheered the Federal Reserve's statement that it still expects three interest rate cuts this year.
The S&P 500 gained 0.7%, reaching an intraday record of 5,200 for the first time. The Dow rose 345 points, or 0.9%, and the Nasdaq Composite added 1.1%.
Investors were concerned about the possibility of the Fed forecasting fewer than three rate cuts this year, given recent economic reports indicating elevated inflation and a strong labor market. Prior to the Fed's latest decision, stocks were uncertain, but they began to climb shortly after the announcement.
