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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