Australia Markets closed

US stocks close at record high after Federal Reserve cuts rates

Peter Wells in New York, Sarah Provan and Philip Georgiadis in London and Alice Woodhouse in Hong Kong

The S&P 500 closed 0.3 per cent higher on Wednesday, having been down about 0.2 per cent just before the release of the US central bank’s policy decision. The Nasdaq Composite rose 0.3 per cent. Treasuries rallied hard, dragging the yield on benchmark 10-year US Treasury 6.8 basis points lower to 1.7733