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U.S. stocks finished higher on Wednesday after the Federal Reserve decided to leave interest rates unchanged, emphasizing there's still no hurry to lower them as the U.S. economy is in relatively solid shape.
According to preliminary data from FactSet, the Dow Jones Industrial Average rose over 280 points, or 0.7%, to end near 41,113.
The S&P 500 was up 0.4%, to finish at around 5,631.
The Nasdaq Composite advanced 0.3%, ending near 17,738.
On Wednesday, the Federal Open Market Committee held its interest rates between 4.25% to 4.5%, as widely expected. But at the post-decision press conference, Fed Chair Jerome Powell repeatedly said the central bank has to be patient and not make any moves "preemptively."
According to the CME FedWatch Tool, futures traders have, in turn, dialed back expectations for an interest-rate cut in June, possibly because of Powell's insistence on standing pat for now.
However, the Fed rate decision and Powell's press conference were not the only factors moving the stock market on Wednesday. Just moments before the Fed's announcement, President Donald Trump said he is not pulling back his 145% levies on Chinese products to get the world’s second-largest economy to the negotiating table.
Earlier, Wall Street was cheering the news that Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer plan to meet with their Chinese counterparts in Switzerland this weekend, hinting at a possible de-escalation in trade tensions between the global superpowers.
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