Federal Reserve cuts rates to lowest level in three years

The party on Wall Street continues.

The Dow rose as much as 334 points, or 0.7%, Wednesday morning, briefly pushing the blue-chip index above the 48,000 mark for the first time in history.

The broader S&P 500 and tech-heavy Nasdaq Composite also hit intraday record highs.

“The stock market is getting everything it wants, from a Federal Reserve rate cut to a thawing of US-China trade tensions to continued strength in earnings,” Paul Stanley, chief investment officer at Granite Bay Wealth Management, said in an email.

Stocks continue to climb higher, buoyed by better-than-expected corporate earnings.

“So far, we’ve seen very good reports by and large from corporate America this earnings season,” said Zachary Hill, head of portfolio management at Horizon Investments. “For the companies that have yet to report, that does raise the bar.”

Traders are also pricing in a Federal Reserve rate cut this afternoon and in December, helping provide fuel for the rally. A signal that the Fed is hesitant about cutting in December could send a jolt through markets.

The Dow has gained almost 13% this year. Meanwhile, the broader S&P 500 has gained 17% and the tech-heavy Nasdaq has soared 24%.