US stocks rose on Wednesday as the Federal Reserve voted to hold interest rates at their highest range in 22 years at the conclusion of its latest policy meeting.
The S&P 500 (^GSPC) was up 0.4% while the Dow Jones Industrial Average (^DJI) gained 0.2%. Meanwhile, the tech-heavy Nasdaq (^IXIC) rose about 0.7%.
The Fed held rates steady in a range of 5.25%-5.50% as the central bank waits to see how its aggressive credit tightening campaign filters through the US economy. Fed Chair Jerome Powell is expected to begin a press conference at 2:30 p.m. ET.
Read more: What the Fed rate-hike pause means for bank accounts, CDs, loans, and credit cards
Treasury yields edged lower, with the 10-year yield (^TNX) trading around 4.8%. Yields ticked lower earlier Wednesday after the US Treasury’s quarterly refunding update revealed the Treasury will auction $112 billion in debt next week, roughly in line with Wall Street’s expectations.
Stock investors were watching the announcement more closely than usual, given how the August update contributed to the recent run-up in yields.
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