NEW YORK — Wall Street faltered near his records after Federal Reserve began its efforts to prevent a recession by cutting interest rates more than usual.

After a day of ups and downs, the S&P 500 index fell 0.3% on Wednesday.

The Dow Jones Industrial Average fell 0.2% and the Nasdaq lost 0.3%.

Because the Fed’s first rate cut in four years was so well signaled and the markets were already anticipating it so much, Wall Street the reactions weren’t that big, despite the Fed’s momentous move.

Treasury yields were slightly higher.