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The Dow Jones Industrial Average (SPGI) jumped 522 points Thursday and closed at a new record high, as the Federal Reserve’s decision to slash interest rates by 50 basis points gave fuel to markets.

The Dow closed 522 points, or 1.3%, higher, reaching a new record after passing the 42,000 level for the first time. The S&P 500 rose 1.7%, topping 5,700 for the first time and also closing at a fresh high. The Nasdaq Composite added 2.5%.