US stock closed higher on Wednesday after the Federal Reserve held interest rates steady at 4.25%-4.50%, as expected. The Fed's latest projections indicated plans for two rate cuts in 2025, bringing the federal funds rate to a range of 3.75% to 4%, with estimates for 2026 ranging from 3.25% to 3.5%. In addition, Reserve Chair Jerome Powell emphasized that the risk of recession remains low.
The Dow Jones Industrial Average increased by 0.93% or 384 points at 4:00 pm ET and the S&P 500 climbed by 1.08% as Boeing Company jumped 6.84% within both indexes. The Nasdaq 100 rose 1.30% with MicroStrategy Inc. surging 7.43%.
The euro lost 0.41% against the dollar at 4:00 pm ET to sell for $1.09000.
