The S&P 500 and the Nasdaq jumped to a fresh record high on Thursday after the Fed delivered a 25 basis point rate cut.

Short-term U.S. interest rates are likely to be lower on Inauguration Day in 2025 than they are on Election Day, and that means the U.S. Federal Reserve almost certainly will continue to cut the benchmark federal funds rate — not just this week but at its December meeting as well.

U.S. stocks are ticking higher Thursday after the Federal Reserve cut interest rates for a second straight time, just as investors had expected.The S&P 500 was up 0.7% in afternoon trading, as momentum slowed from its surge a day before following Donald Trump’s presidential victory.