NEW YORK (AP) — U.S. stocks are drifting around their record levels on Wednesday after a rally spurred by hopes for lower U.S. interest rates wrapped around the world.

The S&P 500 was mostly unchanged, coming off its latest all-time high. The Dow Jones Industrial Average was up 285 points, or 0.6%, as of 1:19 p.m. Eastern time, while the Nasdaq composite was mostly unchanged after setting its own record the day before.

Treasury yields eased in the bond market as expectations reached a virtual consensus that the Federal Reserve will cut its main interest rates for the first time this year at its next meeting in September. Lower rates can boost investment prices and the economy by making it cheaper for U.S. households and businesses to borrow to buy houses , cars or equipment, though

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