(CNBC) — U.S. stocks closed higher on Wednesday after the Federal Reserve kept rates unchanged in its July statement and the continued recovery in oil prices encouraged investor sentiment.
"The statement was a little more hawkish than I expected an they talked about progress in the labor market and inflation lagging," said Peter Cardillo, chief market economist at Rockwell Global Capital. "The fact that they gave a slight upgrade to the housing market, etc., leaves the door open for a rate hike in September."
The Federal Reserve kept rates unchanged and gave no hint of liftoff coming in the next meeting. The decision on the rates was unanimous. Policymakers said the economy is expanding moderately and made no mention of recent volatility around Greece or China.
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