(CNBC) — U.S. stocks closed modestly higher as investors sought insight on the timing of a rate hike from the Federal Reserve statement and Fed Chair Janet Yellen's remarks.
The Federal Reserve held interest rates at zero and provided only faint clues about when the first hike in nine years might occur. The central bank downgraded the GDP forecast for the year to 1.8-2 percent while raising longer-term growth expectations.
"I believe the initial sense is, ok, a bit of relief, and 'we can go back to where we were,'" said JJ Kinahan, chief strategist at TD Ameritrade.
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