U.S. stocks rise on Fed interest rate cut

U.S. stocks rose as the Federal Reserve cut interest rate for a ninth time within a year convincing some investors that lower borrowing costs will boost a recovery in the economy and profits next year.Standard & Poor's 500 Index rose for the fifth time in seven days closing up 12.78, or 1.2 percent, to 1051.33.Dow Jones Industrial Average climbed 113.76, or 1.3 percent, to 8950.59. The Nasdaq Composite Index gained 11.87, or 0.8 percent, to 1492.33 after rising as much as 1.6 percent before the Fed announcement.

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