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S&P 500 hits 3,000 for the first time after Fed signals rate cuts

Jerome Powell
Fed Chair Jerome Powell. Photo: Spencer Platt/Getty Images

The S&P 500 jumped above 3,000 on Wednesday after Fed Chair Jay Powell signaled an imminent interest rate cut later this month.

Our thought bubble, per Axios' Felix Salmon: We live in a world where the Dow Jones Industrial Average can rise or fall 1,000 points in one day. The S&P 500 is not only a much more useful index, it also hits round-number milestones like this one much less frequently.

Go deeper: The case for a Fed rate cut