(CNBC) — Stocks rose on Wednesday as investors cheered the Federal Reserve’s third rate cut of the year and comments from Chairman Jerome Powell that signaled it would be a while before the central bank hikes rates.
The S&P 500 hit an all-time high, climbing 0.3%. The Dow Jones Industrial Average closed 117 points higher, or 0.4%. The Nasdaq Composite ended the day up 0.3%.
Utilities and health care were the best-performing sectors in the S&P 500, rising 0.9% and 0.8%, respectively. General Electric was among the S&P 500′s biggest advancers on the back of strong earnings. Johnson & Johnson outperformed all other Dow stocks, rising 2.9% after the company said it found no asbestos in its baby powder after testing.
