Stocks rose and bond yields fell Wednesday as investors welcomed new signals that the Federal Reserve is ready to cut interest rates for the first time in a decade.

Technology companies led the way higher, helping the Nasdaq close at a record high. Fed Chairman Jerome Powell said many Fed officials believe a weakening global economy and rising trade tensions strengthened the case for a rate cut.

On Wednesday:

The S&P 500 index rose 13.44 points, or 0.5%, to 2,993.07.

The Dow Jones Industrial Average gained 76.71 points, or 0.3%, to 26,860.20.

The Nasdaq composite climbed 60.80 points, or 0.7%, to 8,202.53, a record.

The Russell 2000 index of smaller company stocks added 2.46 points, or 0.2%, to 1,565.05.

For the week:

The S&P 500 is up 2.66 points, or 0.1%.

The Dow is down 61.92 points, or 0.2%.

The Nasdaq is up 40.74 points, or 0.5%.

The Russell 2000 is down 10.58 points, or 0.7%.

For the year:

The S&P 500 is up 486.22 points, or 19.4%.