NEW YORK (AP) — U.S. stocks are ticking higher after the Federal Reserve indicated that more of the cuts to interest rates that Wall Street loves are likely on the way. The S&P 500 rose 0.2% Wednesday and was hovering around its record set at the start of the week. The Dow Jones Industrial Average rose 439 points, while the Nasdaq composite edged down by less than 0.1%. Treasury yields eased in the bond market after the Fed cut its main interest rate for the first time of the year, as was widely expected. Fed officials indicated more cuts are likely this year and next.

THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.

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