Stocks Ended Higher in Wake of Fed Statement

U.S. stocks ended Wednesday’s choppy session with modest gains after the Federal Reserve said the U.S. economy is likely strong enough to withstand an interest rate hike later this year. The Dow Jones Industrial Average added 31026 points, or 0.17%, to 17,935.74. The S&P 500 gained 4.15 points, or 0.20%, to 2,100.44. The Nasdaq Composite was up 9.33 points, or 0.18%, to 5,064.88.

The Federal Reserve took note Wednesday of a strengthening U.S. economy and appears on track to finally raise interest rates sometime this year. In a statement after its latest policy meeting, in new economic forecasts and in a news conference by Chair Janet Yellen, the Fed didn’t say just when or how fast it will act. But it signaled that the job market, the housing industry and consumer spending are improving and that it’s moving toward a rate hike.

Oracle (ORCL) pointed to the U.S. currency as it delivered quarterly earnings and revenue that fell short of analysts’ expectations on Wednesday. he company reported adjusted earnings of 78 cents on revenue of $10.71 billion.

AT&T Mobility LLC has been hit with a $100 million fine for offering consumers “unlimited” data, but then slowing their Internet speeds after they hit a certain amount.