Stocks Ended Higher as Fed Kept Rates Unchanged

U.S. stocks ended higher on Wednesday as investors reacted to the Federal Reserve’s latest monetary policy decision to keep benchmark interest rates unchanged. The Dow Jones Industrial Average rose 38.46 points, or 0.15%, to 26,504.00. The S&P 500 added 8.71 points, or 0.30%, to 2,926.46. The Nasdaq Composite gained 33.44 points, or 0.42%, to 7,987.32.

Oil futures settled modestly lower on Wednesday. West Texas Intermediate crude for July delivery fell 14 cents, or 0.3%, to settle at $53.76 a barrel. August Brent crude shed 32 cents, or 0.5% to $61.82 a barrel.

The Fed elected to keep the benchmark interest rate within its target range of 2.25% to 2.5%, but new economic projections show more Fed officials seeing the case for a rate cut — or two — by the end of 2020.