New York, May 16 (BridgeNews) - The Dow Jones industrial average closed at its highest level since Sept. 12 Wednesday and the Nasdaq jumped almost 4% in what traders described as a belated celebration of Tuesday's Federal Reserve rate cut. The Nasdaq closed up 80 points, or 3.88%, to 2166. The Dow was up 343 points, its fifth biggest point gain on record, or 3.16%, to 11,216 and the S&P 500 was up 35 points, or 2.85%, to 1285.