Dow gains almost 500 points, S&P 500 ends shy of record high after Fed’s final rate cut of 2025 bolsters case for early start to ‘Santa Claus rally’

The S&P 500 just missed hitting a new all-time high on Wednesday, while the Dow Jones Industrial Average surged with solid gains. Investors responded positively to the Federal Reserve’s decision to deliver a final quarter-point interest rate cut for 2025, fueling optimism that stock markets can continue their upward momentum through the end of the year.