U.S. investors may have reacted coolly to the Federal Reserves rate cut, but global markets were largely positive Thursday as oil edged upward again on Middle East tensions.

At midday, the Dow Jones Industrial Average gained 92 points or 0.28% while the S&P500 was up 0.41% and the Nasdaq Composite added 0.52%.

The Fed’s Federal Open Markets Committee Wednesday cut interest rates as expected by 25 basis points to the 1.75% to 2% range for the federal funds rate, the rate at which banks borrow money, but declined to signal future cuts at its October or December meetings.

Wednesday’s action was seen as a means of cushioning the economy against the trade war with China and a global slowdown, with Fed Chairman Jerome Powell resisting pressure from President Trump for more drastic action.

The Organization for Economic Cooperation and Development said Thursday the global economy is expected to increase just 2.9% this year, the lowest rate since 2009, and is expected to remain low at least through 2020, depending on what happens between the U.S. and China.

“The global economy is facing increasingly serious headwinds and slow growth is becoming worryingly entrenched,” Laurence Boone, OECD chief economist, said in a statement.

“The uncertainty provoked by the continuing trade tensions has been long-lasting, reducing activity worldwide and jeopardizing our economic future. Governments need to seize the opportunity afforded by today’s low interest rates to renew investment in infrastructure and promote the economy of the future.”

Festering disputes between Japan and South Korea also present a problem as does Trump’s threat to impose tariffs on auto parts in November.

The OECD pegged U.S. growth this year at 2.4%, two ticks higher than what the Federal Reserve is projecting, down from 2.8% in May.

The OECD also warned the United Kingdom leaving the European Union without a trade deal could cut U.K. economic output by 2%, tipping it into recession, and EU output by 0.5%. The U.K. is scheduled to leave the EU Oct. 31, and Prime Minister Boris Johnson has said he’s not inclined to delay the exit despite Parliamentary efforts to put the deadline off.

On global markets, Hong Kong’s Heng Seng closed off 1.07% while the Nikkei 225 added 0.38% and China’s Shanghai Composite moved 0.46% higher. Australia’s S&P/ASX was up 0.54%.

London’s FTSE closed 0.58% higher whil, the German DAX added 0.55% and the French CAC 40 increased 0.68%.

The British pound was up 0.05% against the dollar while the euro added 0.13%. The U.S. dollar index was off 0.2%.

On commodities markets oil moved higher with crude oil futures adding 0.77% and Brent crude up 1.59%. Gold and silver were lower.

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