Doha: U.S. stock indices on the Wall Street exchange closed higher on Wednesday, driven by growing hopes that the Federal Reserve is nearing an interest rate-cutting cycle as part of a monetary easing strategy. The S and P 500 and Nasdaq Composite both posted record-high closing levels for the second consecutive day. According to Qatar News Agency, the S and P 500 rose by 21.01 points (+0.33%) to close at 6,466.77 points and the Nasdaq Composite gained 32.08 points (+0.15%) to end at 21,713.99 points. The Dow Jones Industrial Average climbed 469.10 points (+1.06%) to reach 44,927.71 points.