Fed cuts rates again; Dow surges nearly 500 points

• Dow Jones Industrial Average gained 497 points after the Federal Reserve cut interest rates.
• The Federal Reserve reduced its key interest rate by a quarter-point for the third time this year.
• The Fed signaled a potential pause in further rate cuts, indicating future reductions would depend on signs of economic faltering.
• Fed officials projected only one rate cut for the next year.
• The S&P 500 and Nasdaq Composite also saw gains following the Fed's decision.

Why It Matters: Fed rate cut impacts your investments and borrowing costs.