The U.S. stock market is flirting with its all-time high on Wednesday after the Federal Reserve cut its main interest rate to bolster the job market.

The S&P 500 rose 0.68% or 46 points to finish at 6,886.80. The Dow Jones Industrial Average ended up 497 points, or 1.05% to 48,057 and the Nasdaq composite was 0.3% higher - 77 points higher at 23,654

Wall Street loves lower interest rates because they can boost the economy and goose prices for investments, even if they have the potential of making inflation worse.

After voting on a cut of a quarter of a percentage point, Fed officials released projections for where they see the federal funds rate potentially ending 2026.

The median member is penciling in one more cut by the end of next year, the same as three months earlier.