Stocks were without clear direction for much of Wednesday's trading session before staging a robust rally post the Federal Reserve's monetary policy announcement. This surge led the major indices to attain fresh record closing highs.
In the final hour of trading, the major indices hit session highs, concluding the day significantly higher. The Dow surged 401.37 points (1.0%) to 39,512.13, the Nasdaq soared 202.62 points (1.3%) to 16,369.41, and the S&P 500 advanced 46.11 points (0.9%) to 5,224.62.
The bullish momentum on Wall Street ensued following the Fed's decision to maintain interest rates at their current levels, consistent with market expectations. Additionally, the Fed reiterated its projection for three rate cuts within the year.
In alignment with its objectives of achieving maximum employment and maintaining inflation around 2 percent over the long term, the Fed opted to sustain the target range for the federal funds rate between 5.25 and 5.50 perce ...
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