The Globe and Mail reports in its Thursday that Nasdaq and the S&P 500 closed lower in choppy trading on Wednesday, after the U.S. Federal Reserve cut interest rates by an expected 25 basis points and Fed chair Jerome Powell cited the weak job market. A Reuters dispatch to The Globe says the Dow closed higher after meandering during Mr. Powell's speech. The Toronto Stock Exchange ended slightly higher after dipping in and out of the red in afternoon trading, as traders also absorbed news of an expected 25-basis-point rate cut in Canada. The U.S. central bank indicated it will steadily cut rates for the rest of the year as policy-makers signalled concerns about weakness in the labour market. The Fed projected two more quarter-percentage-point cuts this year. Mr. Powell told reporters about the mounting downside risks of employment compared to inflation, but said inflation risks still must be assessed and managed. The rate cut was already priced in by investors. The S&P/TSX Composite Index ended up 6.43 points at 29,321.66, after notching a record intraday high of 29,465.14. Heavily weighted financials added 0.14 per cent as six of the 10 major sectors ended lower. Oil prices ended lower at $64.05 (U.S.) a barrel.