U.S. markets rose after the Federal Reserve cut interest rates again and signalled it may hold off on further cuts this year.

The S&P 500 hit an all-time high, climbing 0.3% to 3,046.77. The Dow Jones Industrial Average closed 115.27 points higher, or 0.4% at 27,186.69. The Nasdaq Composite ended the day up 0.3% at 8,303.98. Utilities and health care were the best-performing sectors in the S&P 500, rising 0.9% and 0.8%, respectively. General Electric was among the S&P 500′s biggest advancers on the back of strong earnings. Johnson & Johnson outperformed all other Dow stocks, rising 2.9% after the company said it found no asbestos in its baby powder after testing.