US Stocks Rally As Fed Holds Rates, Prompts Hope For End To Hikes  

• Wall Street's major indices closed higher on Wednesday, led by a 1.6% advance in the Nasdaq. This was driven by the U.S. Federal Reserve's decision to keep interest rates unchanged, and comments from Fed Chair Jerome Powell suggesting a cautious approach to rate hikes.
• Powell expressed the need for careful consideration in raising interest rates and indicated that financial conditions might not be restrictive enough to achieve the desired inflation levels. Investors reacted positively to Powell's less assertive stance on future rate hikes.
• The Dow Jones Industrial Average rose by 0.67%, the S&P 500 gained 1.05%, and the Nasdaq Composite added 1.64%. Among S&P 500 sectors, only energy and consumer staples saw losses, while information technology and communications services were the top gainers.
• Some individual stocks experienced notable movements, with Advanced Micro Devices (AMD) surging nearly 10% due to a positive sales forecast for AI chips. Earnings season showed mixed results, with companies like Estee Lauder, Paycom Software, and Match Group reporting disappointing outlooks, leading to significant declines in their share prices.

(Source: Reuters)