NEW YORK (AP) — Stocks rose broadly after the Federal Reserve lowered interest rates for the third time this year.

The gains Wednesday were enough to push the S&P 500 to its second record high this week.

Fed Chairman Jerome Powell signaled Wednesday the central bank will likely forgo additional cuts as long as economic growth and inflation matches the Fed's outlook.

General Electric jumped 11.5% after raising its forecast for a key measure of profitability.

The S&P 500 rose 9 points, or 0.3%, to 3,046.

The Dow Jones Industrial Average rose 115 points, or 0.4%, to 27,186. The Nasdaq rose 27 points, or 0.3%, to 8,303.

Small-company stocks fell.

Bond prices rose. The yield on the 10-year Treasury fell to 1.77%.