US stocks finished higher on Wednesday, after the Federal Reserve left interest rates unchanged and said it didn’t expect to raise interest rates this year. Fed Chairman Jerome Powell said the central bank expects any increases in inflation over the summer months to be temporary — and not concerning for its monetary policy at the moment.
Meanwhile, the Fed also upgraded its consensus outlook with expectations for higher economic growth and lower unemployment.
Stocks jumped in response, and the Dow closed at a new all-time high and above 33,000 points for the first time ever. The index closed up 0.6%, or 189 points.
The S&P 500 also rose to a new record high, finishing up 0.3%.
The Nasdaq Composite closed up 0.4%.