Stocks rallied and Treasury yields fell sharply after the Federal Reserve indicated that the cuts to interest rates Wall Street craves so much may be coming next year.
The Dow jumped to a record high close above 37,000 points.
Broader indexes also rose.
The S&P 500 climbed 1.4% and the Nasdaq composite also added 1.4%.
Wall Street has been mostly charging higher since October, largely on hopes that cuts to interest rates are on the way.
Rate cuts can relax pressure on the economy by lowering borrowing costs, and they can goose prices for all kinds of investments.
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