Indexes rallied Thursday, with tech stocks leading the Nasdaq to rise 2.5% as investors continued to digest Wednesday's jumbo rate cut from the Fed.

The latest batch of quarterly forecasts from the Federal Reserve showed policy makers have had a change of heart since June about the pace of interest rate cuts in 2024. The latest iteration of the Fed's "dot plot" penciled in two more quarter-point cuts before the end of the year,

Wall Street is holding near its records after the Federal Reserve kicked off its efforts to prevent a recession with a bigger-than-usual cut to interest rates.