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The Dow Jones Industrial Average hit its first record closing high since January 2022, and the S&P 500 and Nasdaq rallied more than 1% each on Wednesday after the Federal Reserve signaled that its interest rate-hiking policy is at an end and that it sees lower borrowing costs in 2024.

In its policystatement, the Fed also left interest rates steady, as expected, and a near-unanimous 17 of 19 Fed officials projected that the policy rate will be lower by the end of 2024.

Indexes were flat ahead of the announcement and quickly gained ground after the news.

Stockssharply extended gains as Fed ChairJerome Powellsaid during a press conference that the Fed is “not likely” to hike further and that the Fed is “very focused on not making the mistake of keeping rates too high for too long.”

The Fed since March 2022 has raised its policy rate by 525 basis points in an effort to curb inflation.

“The statement is telling us that the Fed is seeing what the markets have already started to discount, that you’re going to have inflation back to normal without a recession,” said Tom Martin, senior portfolio manager at Globalt Investments in Atlanta.

“We kind of hoped it was going to be this, but we didn’t really think it was.”

The blue-chip index’sfirst all-time highin nearly two years confirmed that it has been in a bull market since tumbling more than 20% through its closing low in September 2022, according to a common definition.

The day’s rally was broad-based with all major S&P 500 sectors ending higher. The rate-sensitive S&P 500 real estateand utilitiessectors rose more than 3% each, leading sector gains. The small-cap Russell 2000 indexshot up 3.5%.

The Dow Jones Industrial Averagesurged 512.30 points, or 1.4%, to 37,090.24, while the Nasdaq and S&P 500each rose 1.4%.

The S&P 500 and Nasdaq hit fresh closing highs for the year. The S&P 500 is now up 22.6% for the year to date, while the Nasdaq is up 40.7% in that period and the Dow is up 11.9%.

Stocks have been rising for weeks on the view that the Fed is likely done hiking rates and will shift to rate cuts next year.

Following the Fed statement, interest rate futures raised the odds of a May rate cut to 90% versus 80% just before the announcement, according to LSEG’sFedwatch.

Earlier in the day,data showed producer prices were unexpectedly unchanged in November amid cheaper energy goods. In a report on Tuesday, US consumer prices unexpectedly rose in November as a decline in the cost of gasoline was more than offset by increases in rents.

Bucking the day’s trend, shares of Pfizerdropped 6.7% after the drugmaker forecast 2024 revenue below Wall Street’s expectations.

Volume on US exchanges was 14.35 billion shares, compared with the 11.04 billion average for the full session over the last 20 trading days.

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Bulldogs’ reign over Vols continues with OT win

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Bulldogs' reign over Vols continues with OT win

KNOXVILLE, Tenn. — Georgia coach Kirby Smart lost four straight games against Tennessee as a Bulldogs defensive back in the 1990s.

After No. 6 Georgia came from behind to beat No. 15 Tennessee 44-41 in overtime at Neyland Stadium on Saturday, the Volunteers might feel like they will never beat the Bulldogs again as long as Smart is their coach.

After Georgia overcame a 14-point deficit and scored the tying touchdown and 2-point conversion with about 2½ minutes left in regulation, running back Josh McCray scored on a 1-yard run in overtime to give the Bulldogs (3-0, 1-0 SEC) their ninth straight victory over Tennessee and their fifth consecutive on the road.

McCray was initially ruled down at the 1-yard line, but the call was overturned by replay.

“I lost a lot of times here as a player,” Smart said. “It still sticks with me. I have a lot of memories, good and bad, about playing here. Five in a row is a lot.”

For a long time Saturday, it seemed as if the Volunteers (2-1, 0-1) would end their losing streak. Tennessee kicker Max Gilbert missed a 43-yard field goal wide left with three seconds to go in regulation that would have won the game.

The Volunteers had the ball first in overtime and gained only 1 yard on three plays. Gilbert kicked a 42-yard field goal to give his team a 41-38 lead.

“Unfortunately, he didn’t make the one before, but he had his head high,” Tennessee coach Josh Heupel said. “That’s the life of being a kicker, you know what I mean? I love the way he responded. He’ll continue to grow, and we have great trust in him. Unfortunately, he didn’t finish that one.”

On Georgia’s first play in overtime, tailback Nate Frazier ran for 21 yards to the UT 4. McCray plowed his way for 3 yards on the next play, then scored the winning touchdown.

The Bulldogs trailed 38-30 late in regulation. On fourth-and-6, Georgia quarterback Gunner Stockton threw a perfectly placed 28-yard touchdown to London Humphrey with 2:32 to go. Zachariah Branch caught a pass and scored on a 2-point conversion attempt to tie the score.

“We were just going to take a shot there, and we needed to score fast,” Smart said. “We didn’t need to keep milking time. It felt like they were defending the sticks, and we were trying to get a touchdown. Sometimes, you get an advantage when people play the sticks and you’re willing to take a shot.”

Stockton completed 23 of 31 passes for 304 yards with 2 touchdowns and ran for another score.

“As you all can see, he’s a dog,” Georgia safety KJ Bolden said. “The whole team is behind him. He never let any of the scores phase him. Our defense kind of started off really slow, but it never fazed him. He always came back ready with a plan and ready to attack.”

The Bulldogs took plenty of blows early, especially on defense. The Volunteers drove down the field on their first possession, and quarterback Joey Aguilar scored on a 4-yard run. He threw touchdowns of 72 yards and 14 yards to Chris Brazzell II to take a 21-7 lead late in the first quarter.

“We talked about coming in here and conquering this place, which is not easy to do,” Smart said. “When you do something like that, you have to make your own way. You have to absorb blows. I don’t think I had any idea how many blows we’d have to absorb, but we did, and we’ve got a resilient group.”

Georgia’s defense bounced back from there, stopping the Vols on five straight possessions, including two interceptions. The Bulldogs scored 20 straight points to take a 27-21 lead late in the third quarter.

But then Georgia’s defense gave up another long touchdown — Aguilar found Brazzell for the third time on a 56-yard pass to give the Vols a 28-27 lead.

The Bulldogs went back in front 30-28 on Peyton Woodring‘s 24-yard field goal, before the Volunteers scored 10 straight points to go ahead by eight, setting up Stockton’s heroics late in the fourth quarter.

Aguilar completed 24 of 36 passes for 371 yards with 4 touchdowns and 2 interceptions. Brazzell had six receptions for 177 yards.

“Losses never ever feel good, taste good, that’s not the expectation inside of this locker room, just to play somebody tight,” Heupel said. “I think the disappointment of tonight can be a moment, something in our journey together that can springboard and propel us if we choose to use it that way.”

Smart says his team is far from a finished product. The Bulldogs are still shuffling players on the offensive line because of injuries, and their inexperienced defensive backs struggled in coverage against the Vols’ high-octane offense.

The Bulldogs will get a week off before hosting No. 19 Alabama at home Sept. 27.

“We’re nowhere near where we need to be; we’re a long way from being there,” Smart said. “But, boy, we’ve got some kids that aren’t afraid to fight.”

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Aggies’ Anderson has feeling in limbs after hit

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Aggies' Anderson has feeling in limbs after hit

SOUTH BEND, Ind. — Texas A&M safety Bryce Anderson has feeling in his limbs after being taken to a local hospital following a play that left him motionless late in the first half at Notre Dame.

Anderson was carted to the locker room with 55 seconds left in the half. His head collided with Notre Dame tight end Eli Raridon on a 25-yard completion. Teammates immediately summoned medical personnel, who spent about 10 minutes stabilizing Anderson’s neck. The senior from Beaumont, Texas, gave a thumbs-up as he left the field.

Texas A&M’s entire team came off the sideline and knelt on the field while Anderson was down, and several players came over to him before he left.

Anderson had four tackles in the game.

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Jazz on Yankees’ surge: ‘We’re the team to beat’

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Jazz on Yankees' surge: 'We're the team to beat'

BOSTON — The New York Yankees outlasted the Boston Red Sox for the second straight day Saturday, beating their rivals 4-3 in front of a sellout crowd at Fenway Park to expand their lead for the top American League wild-card spot to 1½ games.

The Yankees’ 83-65 record ranks third in the American League, three games behind the first-place Toronto Blue Jays in the AL East. With 14 games remaining, New York has an outside shot at claiming the AL East title and the league’s top seed for the second consecutive year.

But Yankees second baseman Jazz Chisholm Jr. doesn’t believe the standings accurately represent the league’s hierarchy. To him, the Yankees are the team to beat in the American League.

“I feel like any team that thinks they’re better than us, they should know that when we step on the field, that we’re coming with relentlessness and we’re coming to step on necks,” Chisholm said. “We’re not here to play around. We’re going to do the job and get the job done.”

After going 2-for-4 with two stolen bases Friday, Chisholm finished Saturday 3-for-4 with a home run and three RBIs to move within one home run of becoming the third Yankee ever to post a 30/30 season and the first since Alfonso Soriano in 2003.

He said a recent “talk” among the players that occurred away from the ballpark helped spark the Yankees’ recent turnaround after the team squandered a comfortable lead in the AL East in mid-June.

“Honestly, everybody just started locking in,” Chisholm said.

The Yankees are 13-5 since Aug. 24, a stretch that began with a win over the Red Sox at Yankee Stadium. The success was buoyed by winning six of seven games against the Washington Nationals and Chicago White Sox — two of the worst teams in the majors — but it has also included the Yankees going 7-4 against the Red Sox, Blue Jays, Houston Astros and Detroit Tigers — four AL clubs positioned to reach the postseason.

New York will complete the four-team gauntlet with Sunday night’s series finale at Fenway Park, facing AL Cy Young Award candidate Garrett Crochet. It will be the Yankees’ final regular-season game against a team over .500; they finish the schedule with three games against the Minnesota Twins, three against the White Sox and seven against the Baltimore Orioles.

“All these games are super important,” Yankees manager Aaron Boone said. “So, to get another win in this place against, obviously a really good opponent and Crochet waiting tomorrow, so this was a good one to get. Hopefully, we can go out and finish off a great series.”

Through Saturday, the Yankees are 45-43 against teams over .500 this season. They’re 26-29 against AL teams with winning records. They’ll have to be better in October to reach the World Series again.

“We said it all year long, that we’ve been playing to everybody else’s level instead of our own level,” Chisholm said. “We’ve been letting games go. We’ve been losing games ourselves. Making errors, just having poor at-bats and stuff like that.

“So, at the end of the day, we finally looked ourselves in the mirror and realized we’re the team to beat, and that’s how we’ve been stepping on the field for the last two weeks.”

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