The Dow Jones Industrial Average rose 17.15 points, or 0.04%, to end at 42,330.15, a record closing high. It is the index's 33rd record close of this year. The Dow rose 3211.29 points, or 8.21%, in the third quarter.

Federal Reserve Chair Jerome Powell has signaled that more rate cuts are in the pipeline, though their size and speed will depend on the evolution of the economy.

Powell said the economy is largely healthy and the Fed is “recalibrating” its key interest rate, not rapidly cutting it. Interest rates influence mortgage rates.

GDI is an alternate measure of economic growth, similar to gross domestic product, but with income rather than output as the yardstick. A gap between the two led Fed officials to worry that output might be weaker than thought, but the two converged when the estimate of GDI was increased.