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.

Do rate cuts with the stock market at or near all-time highs provide bulls additional fuel or do they portend trouble ahead? Dow Jones Market Data ran back the tape.

The federal funds rate is a benchmark that influences other interest rates throughout the economy. The Federal Reserve doesn't control the federal funds rate directly. Instead, it uses various monetary policy tools to steer the benchmark toward a target range, which is currently 4.75% to 5%.