The market likes what it heard from the Fed — plus, Lilly's new $6B manufacturing investment

Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. Market moves : Stocks got a boost and bond yields dipped Wednesday afternoon after the Federal Reserve lowered the target range of its key interest rate by a quarter-point to 3.5% to 3.75%. The S & P 500 was looking at a possible record high close. Nine of the 12 voting members of the central bank's policymaking committee supported the rate cut, which we see as a positive, given there had been some debate around more of a split vote. Two of the dissenters, Austan Goolsbee and Jeffrey Schmid, preferred to keep rates steady. Stephen Miran wanted a half-point cut. Wednesday's Fed rate cut was the third such move this year.