US stocks have mostly extended their large post-election rally Thursday, with all three major indexes hitting record highs during the session after the Federal Reserve cut interest rates.

The Fed lowered its benchmark short-term federal funds rate by one quarter of a percentage point between 4.5% and 4.75%down from a 23-year high of 5.25% to 5.5% just a few months ago. It was the second straight cut and on the heels of a jumbo half stitch cut last time the Fed met in September.

The Dow Jones Index closed at 43,729.34, but the Standard & Poor’s 500 Index finished at a record high of 5,973.10, up 0.74%. The tech-heavy Nasdaq finished up 1.51% at a record 19,269.46.

The yield on the 10-year Treasury rose Wednesday, a rise that some economists attribute to fears that President-elect Donald Trump will increase the deficit and impose drastic tariffs that would reignite inflation. But it fell after the Fed’s rate announcement. The yield last fell 0.091% on Thursday to 4.335%.

What is the Fed’s outlook on rates?

Fed Chair Jerome Powell said the Fed “feels good” about the economy and suggested more small rate cuts are coming, but the pace remains data dependent.

“They (the Fed) recognize that policy remains restrictive and that further cuts are likely but that the pace of these cuts could slow,” wrote James Knightley, chief international economist at Dutch bank ING. “They were reluctant to discuss the ‘Trump effect,’ but here’s the risk: slightly firmer growth with more inflationary pressures. And that could lead to less aggressive rate-cutting talk.”

Trump promised to enact radical customs tariffs and tax cuts, which some economists say could trigger inflation Again.

So far, economists are divided on whether the Fed will pause its rate cuts at its next and final meeting of the year in December or whether it will make another quarter-point cut before a possible break.

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Post-market profit reporting

Between the week’s major news stories, including Tuesday’s election and Thursday’s Fed meeting, companies continued to report earnings.

Here are some highlights after the market close:

• Pinterest: Beat third-quarter revenue and profit estimates, but provided a weak fourth-quarter revenue outlook.

• Rivian: Missed third-quarter estimates and lowered its full-year profit outlook.

• Airbnb: Just beat third-quarter sales estimates, but missed earnings.

Medora Lee is a money, markets and personal finance reporter at USA TODAY. You can reach her at [email protected] and subscribe to our free Daily Money newsletter for personal finance advice and business news Monday through Friday mornings.

This article was originally published on USA TODAY: S&P 500 and Nasdaq end higher and Dow stagnates after Fed cuts rates again