Wall Street Closes Higher on Upbeat Fed Expectations

The New York Stock Exchange (NYSE) finished higher on Wednesday, after the Federal Reserve expected high economic growth in the U.S. this year, and despite expectations that inflation rate will exceed 2% this year.

The Fed also maintained interest rates and vowed to keep the current pace of asset purchases until full employment and inflation targets are achieved.

The Dow Jones Industrial Average gained 189.42, or 0.58%, and finished at 33,015.37 points, exceeding the 33,000 level for the very first time in its history.

Similarly, the S&P 500 also closed at a new record of 3,974.12 points, after adding 11.41 points, or 0.29%.

Meanwhile, the Nasdaq recovered from its earlier losses, after losing as much as 1.5%, and settled higher by 53.64 points, or 0.40%, at 13,525.20 points.