03:49 PM EDT, 09/19/2024 (MT Newswires) -- US benchmark equity indexes were higher ahead of Thursday's close as markets assessed the Federal Reserve's Wednesday decision to lower interest rates by 50 basis points.

The Nasdaq Composite was up 2.6% at 18,036.3, while the S&P 500 rose 1.8% to 5,717.2. The Dow Jones Industrial Average advanced 1.3% to 42,032.1. Among sectors, technology led the gainers with a 3.3% jump, while utilities saw the steepest decline.

The Federal Open Market Committee cut its benchmark lending rate to a range of 4.75% to 5% Wednesday. A Bloomberg-compiled consensus had indicated a smaller 25-basis-point reduction.

The US 10-year yield rose 3.9 basis points to 3.73%, while the two-year rate fell one basis point to 3.59%.

Parcel-delivery company FedEx ( FDX ) and homebuilder Lennar ( LEN ) are among the companies scheduled to report their latest quarterly financial results after the closing bell.

West Texas Intermediate crude oil rose 1.5% to $71.96 a barrel.