Mazda Toyota alters production plan for new Alabama plant

Markets notch gains as Fed signals rate cut; tech leads way

Stocks finished higher Wednesday as Wall Street welcomed new signals suggesting the Federal Reserve is ready to cut interest rates for the first time in a decade.

Technology stocks drove much of the gains, nudging the Nasdaq composite to an all-time high. The benchmark S&P 500 index briefly traded above 3,000 for the first time before pulling back to just STORY STOCKS below its most recent record high a week ago.

The S&P 500 index rose 13.44 points, or 0.5%, to 2,993.07. The index, which set three record highs last week, is now less than 0.1% below its all-time high set last Wednesday.

The Dow Jones Industrial Average gained 76.71 points to 26,860.20.

The Nasdaq climbed 60.80 points, or 0.7%, to 8,202.53, a record. Its previous record high was also set last Wednesday. The Russell 2000 index of smaller company stocks rebounded from a brief slide, gaining 2.46 points, or 0.2%, to 1,565.05.

A joint venture between Mazda and Toyota is altering its production plans for a new factory being built in north Alabama.

Mazda Toyota Manufacturing said Wednesday it will produce an entirely new Toyota sport-utility vehicle and a new Mazda crossover vehicle at the plant near Huntsville.

The company previously planned to assemble Toyota Corolla cars at the plant. Toyota already makes the Corolla at its plant in Mississippi.

A statement says the change of plans for the Alabama factory is because of a changing market and increasing demand for light trucks and SUVS.