Stock market today: Most of Wall Street rises after the Fed cuts interest rates

NEW YORK — Most U.S. stocks rose as the Federal Reserve cut interest rates again to make things easier for the economy. The S&P 500 climbed 0.7% Thursday. The Dow Jones Industrial Average was barely changed, and the Nasdaq composite gained 1.5%. The rate cut was widely expected. Federal Reserve Chair Jerome Powell said it’s too early to know how Donald Trump’s presidential victory will shift the Fed’s rate policies. Treasury yields remained lower following the Fed’s announcement.

The central bank began easing rates in September and indicated more cuts were likely to come, as it focuses more on keeping the job market humming after helping get inflation nearly down to its 2% target. What's less certain in the minds of investors is how much Trump’s victory may upset the Fed's plans.

With any president, Powell said the Fed looks at possible policy changes and simulates how they could affect the economy. And only after looking at the overall effect of all the policies do Fed officials decide how that should shape interest-rate policy. At this point, Powell said it's still not clear what the policy changes will be after Trump returns to the White House.On Wall Street, healthcare services company McKesson helped drive the market by jumping 10.

JPMorgan Chase fell 4.4%, a day after banks decisively led the market on expectations that a stronger economy and lighter regulation from Washington would mean fatter profits. In the bond market, the yield on the 10-year Treasury eased to 4.31% from 4.44% late Wednesday. It gave back a chunk of its surge from the prior day, driven by expectations that Trump’s plans for higher tariffs, lower tax rates and lighter regulation could lead to bigger economic growth, U.S. government debt and inflation.

In Asia, Japan’s Nikkei 225 slipped 0.3% amid worries about the potential for a revival of trade tensions under a Trump administration.

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