Stock market today: S&P 500 jumps to best day in 5 months as tech rebounds, rate cuts come into view

NEW YORK — Big technology stocks drove a rally for U.S. indexes, as Wall Street grew even more convinced long-sought cuts to interest rates will be arriving soon. The S&P 500 jumped 1.6% Wednesday for its best day in five months. The Dow Jones Industrial Average rose 0.2%, and the Nasdaq composite soared 2.6%.

“You would think, base case, that policy rates would move down from here, but I don't want to try to give specific forward guidance about when that might be, the pace at which it might happen," Powell said."That's really going to depend on the economy, and that's highly uncertain.” Meta Platforms rose 2.3% as investors waited for its profit report, which will arrive after trading closes for the day. Amazon and Apple will follow on Thursday, and they both rose at least 1.9%.

Boeing flew 5.2% higher after naming an industry veteran with a background in mechanical engineering as its next chief executive officer. That helped overshadow the aerospace company's reporting weaker results for the latest quarter than expected.

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