Mumbai, Sept. 18 -- The Dow climbed 260.42 points or 0.6 percent to 46,018.32, the S&P 500 edged down 6.41 points or 0.1 percent to 6,600.35 and the Nasdaq fell 72.63 points or 0.3 percent to 22,261.33.

The late-day volatility on Wall Street followed the Federal Reserve's widely expected move to lower interest rates by a quarter point, bringing the federal funds rate target range to 4.0-4.25 percent. Fed officials projected two more cuts this year, aiming for 3.50-3.75 percent by the end of 2025, though traders were disappointed by the lack of aggressive easing. Only newly sworn-in Fed Governor Stephen Miran voted for a larger half-point cut.

Mortgage Bankers Association Chief Economist Mike Fratantoni noted that the 25-basis-point cut ...