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STORY: Wall Street’s main indexes rallied on Wednesday after the Federal Reserve signaled it was on track to cut interest rates three times by the end of 2024.

The Dow gained 1%, the S&P 500 added nine-tenths of a percent and the Nasdaq climbed one-and-a-quarter percent.

While the Fed policy statement described inflation as remaining “elevated,” it raised growth projections for the economy, and anticipated the unemployment rate for the year would come in lower than expected.

“The general take away from the Fed today is they’ve taken recession risk off the table.”

Loreen Gilbert, CEO of WealthWise Financial Services, says that fading recession fears have prompted her to shift from defensive to growth stocks in 2024.

“So I think it does cause us to relook and say if the if the GDP is going to continue to be strong, unemployment is low and the Federal Reserve is going to lower rates this year, most likely three times, that’s all positive for a growth environment in the markets.”

In company news, U.S.-listed shares of BioNTech dropped more than 4% after it reported a 2023 revenue and earnings plunge as it shifted its focus from COVID-19 vaccines to cancer drug development.

Shares of fellow COVID-19 vaccine-makers Moderna and Novavax also slipped.

Tesla shares gained 2.5% after confirming to Reuters that it will raise the price of its China-produced Model Y vehicles beginning April 1.

And shares of Chipotle climbed 3.5% after the company said its board had approved a 50-for-1 split of its common stock.