After surging as much as 375 points to an all-time high after the Fed announcement, the Dow turned negative in late trading as investors digested Fed Chair Jerome Powell’s comments. The blue chip index dropped 103.08 points, or 0.3%, to 41,503.10. It hit an intraday record of 41,981.97.

Good news for those building up their 401(k)s: the Dow Jones Industrial Average and S&P 500 closed at record highs after the Fed's rate cuts.