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Stocks churned between gains and losses on Wednesday but ultimately remained near their record levels.

The S&P 500 slipped 0.1% and hung near its all-time high set at the start of the week. The Dow Jones Industrial Average rose 260 points, or 0.6%, while the Nasdaq composite fell 0.3%.

The swings came after the Federal Reserve cut its main interest rate for the first time this year. That move was no surprise for Wall Street, which was widely expecting it. More important was the set of projections that Fed officials published showing where they expect interest rates to go in upcoming years.

That indicated the typical member sees the Fed cutting the federal funds rate two more times

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