The Dow closed at a record high on Friday. Investors see more gains ahead as the Fed kicks off a new cycle of easing interest rates.

The Federal Reserve on Wednesday cut interest rates with U.S. stocks trading near a record high, leaving investors searching for historical clues to the path ahead for markets. The S&P 500 briefly traded above its record close from July 16 after the Fed delivered a rate cut of 50 basis points before erasing its gain to end 0.