Stock market today: Live updates

Stocks rose marginally on Friday following a winning session that sent indexes to new records as the Federal Reserve’s decision to cut interest rates set in investors’ minds.

The S&P 500 gained 0.2%, while the Nasdaq Composite advanced 0.4%. The Dow Jones Industrial Average added 116 points, or 0.2%.

The small-cap Russell 2000 dipped 0.7%, taking back some gains this week after the index touched a fresh record high earlier in the session.

Apple led the way higher, rising about 2%, as the company’s latest iPhone went on sale around the world. Tesla shares were also up more than 1.5%.

Wall Street is on pace to post strong weekly gains. The S&P 500 and Dow are up 0.8% and 0.7%, respectively, while the Nasdaq is up 1.7%. The Russell 2000 has outperformed, rising more than 2%, and on pace for its seventh weekly advance.

Stocks got a boost this week after the Fed lowered its benchmark overnight lending rate by a quarter percentage point, its first rate reduction since December. The move was widely expected by markets, but stocks had a volatile session on the back of the decision after Fed Chair Jerome Powell in his press conference characterized the decision as a “risk management cut.”

“While September has historically delivered pullbacks, this year’s market has defied that pattern — climbing 35% since March with strong technical and fundamental tailwinds,” said Mark Hackett, chief market strategist at Nationwide. “Still, with the S&P 500 trading at 22x forward earnings and volatility suppressed, a period of consolidation or choppiness would be a normal and healthy development.”