The Federal Reserve cut the target range for the federal funds rate by 50 basis points to 4.75% to 5.00%. US stocks rallied and fell, and the three major indexes closed down collectively. The Dow fell 0.25%, the S & P 500 fell 0.29%, and the Nasdaq fell 0.31%. Among them, the Dow and S & P 500 both hit new intraday highs.