Dow Jones, S&P 500, NASDAQ rise as Fed keeps rate steady at 3.75-4%

The US stocks on Wednesday ended in the positive territory after the United States Federal Reserve decided to keep the key interest rates unchanged at 3.75% to 4%.

The Dow Jones Industrial Average advanced 0.19% to settle at 52,475.10, while the S&P 500 rose 0.28% to 7,743.98. The tech-heavy NASDAQ index surged 0.27% to 26,549.85.

The Federal Open Market Committee (FOMC) in a statement said that the economic activity is expanding at a strong pace. "While uncertainty remains elevated owing, in part, to geopolitical developments, domestic spending has been resilient. Productivity growth is strong, and capital investment is robust. Job gains have kept pace with the workforce, and the unemployment rate has changed little," it said.

"Inflation remains elevated. The accumulation of more information will help the Committee determine the policy stance appropriate to ensure a timely return of inflation to the Committee's 2% goal. The Committee will deliver price stability," the committee added.

Of the 12 FOMC voters, Governor Lisa D Cook and Cleveland Fed President Beth M. Hammack preferred to raise the target range for the federal funds rate by a quarter percentage point.

Despite a pause in rate hike, Fed Chairman Kevin Warsh said that the central bank is focused on "price stability". He also noted that employment scenarios has been "quite positive".

Shares of Oracle expanded by 10.73% on Wednesday as the long-term outlook targets $225 billion in revenue by 2030.

Chilli's owner Brinker International rose 12.21% after the company raised its full-year guidance. It raised adjusted earnings to $13.30 per share to $13.90 per share, compared to a FactSet consensus estimate of $13.28.

Visa shares settled 0.31% lower despite net revenue rising 13% to $12.1 billion, while GAAP net income advanced 18% to $6 billion.