Microsoft, Meta and Google were big earnings movers late after Fed chief Powell's hawkish comments. The Trump-Xi meeting with key agreements.

The Federal Reserve was widely expected to lower interest rates by a quarter point in order to support the waning job market.

Dow industrials rise to record, while shares in General Motors and 3M rally after results

Key Takeaways The Federal Reserve lowered its key interest rate today by a quarter of a percentage point, as widely expected.Fed officials aim to boost the faltering job market as concerns over inflation take a back seat to fears that unemployment could rise.

Earlier volatility faded as traders weighed rising US-China trade tensions, concerns about historically expensive stocks and brewing trouble in the banking industry.