(CNBC) -- Stocks rose sharply on Wednesday after the Federal Reserve kept interest rates unchanged and said it will be “patient” with raising rates moving forward. Strong earnings from Boeing and Apple also boosted the market.
The Dow Jones Industrial Average closed 434.90 points higher at 25,014.86, as Boeing and Apple outperformed. Wednesday also marked the Dow’s first close above 25,000 since Dec. 4. The S&P 500 gained 1.56 percent, led by the tech and consumer discretionary sectors. The Nasdaq Composite advanced 2.2 percent to 7,183.08.
“It seems like the Fed is becoming more market dependent rather than data dependent,” said Jack Ablin, founding partner of Cresset Wealth. “The market has become accustomed to below fair-value interest rates and trying to raise them is creating hardship. Accommodation is the new neutral.”
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