Stocks Ended Higher after Fed Decision

U.S. stocks ended higher on Wednesday after the Federal Reserve indicated it would keep interest rates at current levels through 2020. The Dow Jones Industrial Average gained 29.58 points, 0.11%, to 27,911.30. The S&P 500 added 9.11 points, 0.29%, to 3,141.63. The Nasdaq Composite rose 37.87 points, 0.44%, to 8,654.05.

Oil futures finished lower on Wednesday after U.S. government data showed an unexpected climb in domestic supplies of crude oil, as well as sizable gains in gasoline and distillate stockpiles. West Texas Intermediate crude for January delivery declined 48 cents, or 0.8%, to settle at $58.76 a barrel. February Brent crude lost 62 cents, or 1%, to end at $63.72 a barrel.

The Federal Reserve held interest rates steady on Wednesday and messaged that it could continue to maintain rates where they are through 2020. After cutting rates in three consecutive meetings this year, the Federal Open Market Committee elected to keep rates at the current target range between 1.5% and 1.75%.

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