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Here's your closing bell brief for Wednesday, December 10th. I'm Danny Lewis for the Wall Street Journal.

U.S. stocks rallied today as the Federal Reserve cut interest rates by a quarter percentage point.

The Dow Industrials gained 497 points, or about 1%, while the NASDAQ composite advanced 0.3%.

And the S&P 500 rose almost 0.7%. While the central bank voted 9 to 3 for

the move, marking the first time in six years that three officials dissented, markets moved higher

after Chair Jerome Powell stated the Fed is well positioned to wait and see how the economy evolves.

Investors took Powell's comments as being a bit more

dovish than expected, especially after he revealed more concerns about the labor market.

That cheered investors, who took it as a sign that future rate cuts are still likely,

despite cautious comments by Kevin Hassett, who was the favorite to be Powell's replacement

after the Fed chair's tenure ends in May. Among individual companies,

Echo Star shares surged 11.2%. The satellite communications company has a deal to sell spectrum licenses

to Elon Musk's SpaceX, which is working to upgrade its satellites to host AI data centers in space.

Palantir Technologies shares rose 3.3%. The AI software maker secured a

$448 million contract to manage the supply chain for the U.S. Navy's nuclear submarines.

And Amazon shares advanced about 1.7% after the e-commerce giant announced it would invest

$35 billion in India over the next five years.

Heads up, an artificial intelligence tool helped us make this episode by creating summaries that were based on WSJ reporting and then reviewed and adapted by an editor.

We'll have more coverage of the day's news on the WSJ's What's News podcast.

You can add it to your playlist on your smart speaker or listen and subscribe wherever you get your podcasts.

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