Stocks Ended Higher, Booked Solid Monthly Gains

U.S. stocks ended in positive territory on Wednesday, booking solid monthly gains, but losing altitude after the Federal Reserve said it sees inflation rising this year, signaling it remains on track to boost interest rates again in March. The Dow Jones Industrial Average rose 72.50 points, or 0.28%, to 26,149.39. The S&P 500 added 1.38 points, or 0.05%, to 2,823.81. The Nasdaq Composite gained 9.00 points, or 0.12%, to 7,411.48. For the month, the Dow closed up 5.8%, the S&P 500 finished with a rise of 5.6%, while the Nasdaq put in a gain of 7.4%.

Oil prices ended higher Wednesday, buoyed by data from the Energy Information Administration showing strong U.S. demand for gasoline and distillates and declines in domestic supplies of the petroleum products. March West Texas Intermediate crude rose 23 cents, or 0.4%, to settle at $64.73 a barrel. March Brent crude rose 3 cents to $69.05 a barrel.

The U.S. Federal Reserve kept interest rates unchanged on Wednesday but said it anticipated inflation would rise this year, in a sign it is still on track to raise borrowing costs in March under incoming central bank chief Jerome Powell.