Dow ends sightly higher as bank stocks take an unusual bounce higher after Fed cuts interest rates

U.S. stock indexes on Wednesday finished mostly higher--even if only slightly so--after the Federal Reserve cut benchmark rates, as expected. The Dow Jones Industrial Average DJIA, +0.13% closed up 36 points, or 0.1%, to 27,147, but had been down by as many as 211.65 points at session lows. Meanwhile, the S&P 500 index SPX, +0.03% added about a point, or less than 0.1%, to end at at 3,006.73. The Nasdaq Composite index COMP, -0.11% edged 9 points, or 1%, lower to 8,177.

Louis Fed President James Bullard, who preferred to lower the target range for the federal-funds rate to 1.50% to 1.75%. Kansas City Fed President Esther George and Boston Fed President Eric Rosengren both preferred to maintain the target range at 2% to 2.25%."Bottom line, there is now a likelihood that as of today, this might be the last rate cut of the year as the 'mid course adjustment' process continues but could be done.

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