Three major U.S. stock indices closed collectively lower
The Federal Reserve lowered its target range for the federal funds rate by 50 basis points to 4.75% to 5.00%. U.S. stocks rallied, the three major indexes closed collectively lower, the Dow fell 0.25%, the S&P 500 fell 0.29%, the Nasdaq fell 0.31%. Among them, the Dow and S&P 500 both hit new intraday highs.
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