Stocks Ended Higher after Fed Decision

U.S. stocks ended higher on Wednesday after the Federal Reserve left its benchmark interest rate unchanged near zero. The Dow Jones Industrial Average rose 160.29 points, or 0.61%, to 26,539.57. The S&P 500 added 40.00 points, or 1.24%, to 3,258.44. The Nasdaq Composite advanced 140.85 points, or 1.35%, to 10,542.94.

Oil futures ended higher Wednesday after U.S. government data showed a more-than-10-million-barrel weekly decline in U.S. crude — the largest so far this year. West Texas Intermediate crude for September delivery rose 23 cents, or 0.6%, to settle at $41.27 a barrel. September Brent crude climbed 53 cents, or 1.2%, to close at $43.75 a barrel.

The Federal Reserve on Wednesday maintained interest rates at near-zero, noting that economic activity and employment have “picked up somewhat in recent months” but cautioned that the coronavirus needs to be contained in order to have faith in a rebound.

Qualcomm Inc (QCOM) on Wednesday forecast fourth-quarter revenue largely above Wall Street expectation. It expects current-quarter adjusted revenue of between $5.5 billion and $6.3 billion.