Mumbai, Dec. 11 -- The Dow jumped 497.46 points (1.1%) to 48,057.75, the S&P 500 climbed 46.17 points (0.7%) to 6,886.68 and the Nasdaq rose 77.67 points (0.3%) to 23,654.16.

The late-day strength on Wall Street followed the Fed's widely expected decision to cut interest rates by another quarter point, bringing the federal funds rate to a range of 3.50-3.75%. The move, matching earlier cuts in September and October, revealed divisions within the Fed - with Governor Stephen Miran favoring a deeper 50-basis-point cut, while Chicago Fed President Austan Goolsbee and Kansas City Fed President Jeffrey Schmid preferred no change.

The Fed's projections showed differing views on the rate path, with forecasts for 2026 still pointing to 3.25-3.50...