Stocks approach record as Fed soothes Wall Street's fears

- The S&P 500 approached a record high on Wednesday after the Federal Reserve signaled potential interest cuts later this year, reassuring investors worried that the U.S.-China trade war could stall economic growth.

That elevated the S&P 500 and Dow Jones Industrial average to less than 1% from their record high closes set in late April. “At the end of the day what they want to do is give a nod to the market. Expectations had gotten so dovish that they need to give a nod to that, but at the same time not make any commitment and be forced to cut rates later on if conditions perhaps changed,” said Kristina Hooper, Chief Global Market Strategist at Invesco in New York.

The Dow Jones Industrial Average rose 0.15% to end at 26,504.27 points, while the S&P 500 gained 0.30% to 2,926.44.Contributing more than any other stock to advances on the Nasdaq and S&P 500, Adobe Inc surged 5.2% after the Photoshop software provider beat analysts’ estimates for quarterly profit and revenue.

Allergan jumped 6.2% after the drugmaker said its constipation drug, jointly developed with Ironwood Pharmaceuticals Inc, improved symptoms in patients suffering from irritable bowel syndrome with constipation.Advancing issues outnumbered declining ones on the NYSE by a 1.65-to-1 ratio; on Nasdaq, a 1.40-to-1 ratio favored advancers.

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