The Dow Jones Industrial Average jumped on Wednesday after the Federal Reserve decided to cut interest rates once again this year and as traders bet more easing was ahead next year.

The 30-stock average gained 497.46 points, or 1.1%, to close at 48,057.75. The S&P 500 advanced 0.7% to end the day at 6,886.68 and briefly traded above its previous record closing high of 6,890.89. The Nasdaq Composite increased 0.3% to 23,654.16. The Fed approved another quarter percentage point cut at the conclusion of its two-day policy meeting. The cut, which marks its third in a row, brings the federal funds rate to a range of 3.5%-3.75%.

SPI futures are up 76 points. The ASX to rise strongly.

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