(CNBC) — U.S. stocks closed sharply higher on Wednesday after the Federal Reserve kept interest rates unchanged but hinted at the possibility of one rate hike later this year.

The Dow Jones industrial average closed about 160 points higher after the announcement, with Boeing contributing the most gains. The index had briefly dipped in negative territory ahead of the Fed’s announcement.

“It was basically what I expected,” said Peter Cardillo, chief market economist at First Standard Financial. “I think the real question over the next several weeks, as we get the next batch of data, will be whether December will be a rate hike of 50 basis points.”

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