NEW YORK (AP) - The U.S. stock market neared its all-time high after the Federal Reserve cut its main interest rate to bolster the job market, and hopes strengthened for more cuts to come in 2026. The S&P 500 climbed 0.7% and ended just shy of its all-time high set in October. The Dow Jones Industrial Average jumped 1%, and the Nasdaq composite rose 0.3%.

Mega billionaire Elon Musk, in a friendly interview with his aide and conservative influencer Katie Miller, said his efforts leading the Department of Government Efficiency were only “somewhat successful” and he would not do it over again.

WASHINGTON (AP) - The Federal Reserve reduced its key interest rate for the third time in a row Wednesday but signalled that it may leave rates unchanged in the coming months, a move that could attract ire from President Donald Trump, who has demanded steep reductions to borrowing costs. Fed officials signaled they expect to lower rates just once next year.