NEW YORK, New York - U.S. stocks remained well bid on Wednesday after the Federal Reserve's FOMC decided to keep interest rates unchanged, as widely expected.

"The Committee decided to maintain the target range for the federal funds rate at 3-3/4 to 4 percent, in support of the Federal Reserve's dual mandate. The Committee is continuing its policy of maintaining ample reserves in the banking system," the FOMC said in a statement Wednesday.

"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."

"Inflation remains elevated," the FOMC statement said. "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 two percent goal."

Lisa D. Cook and Beth M. Hammack voted against the monetary policy action, preferring to raise the federal funds rate target range by 1/4 percentage point.

The Standard and Poor's 500 closed at 7,744.34, up 21.74 points or 0.28 percent, on volume of 2.889B. The benchmark traded between 7,718.37 and 7,758.43 during the session, and has ranged from 6,316.91 to 7,844.52 over the past year.

The Dow Jones Industrial Average added 102.05 points, or 0.19 percent, to finish at 52,479.62, within a session range of 52,335.43 to 52,634.32. The blue-chip index's 52-week range stands at 45,057.28 to 54,744.33.

The NASDAQ Composite gained 72.04 points, or 0.27 percent, to close at 26,549.85, after trading between 26,414.92 and 26,587.34. Its yearly range is 20,690.25 to 27,722.75.

The gains were broad but measured, with all three indexes advancing by less than a third of a percentage point. The S&P 500's 0.28 percent rise led the group, followed closely by the NASDAQ at 0.27 percent, while the Dow brought up the rear at 0.19 percent.

U.S. Dollar Edges Lower Against Most Major Currencies Wednesday, Holds Firm Versus Yen

The U.S. dollar slipped modestly against most major currencies Wednesday, with the Japanese yen the lone exception among the majors, as traders positioned ahead of key economic data.

The euro strengthened against the greenback, with EUR-USD at 1.1154, a gain of 0.26 percent for the single currency.

Sterling also advanced, with GBP-USD at 1.3323, up 0.13 percent on the day.

The Australian dollar posted the largest move among the majors, with AUD-USD at 0.7054, a rise of 0.41 percent for the Aussie.

The dollar firmed slightly against the yen, with USD-JPY at 157.99, up 0.03 percent.

Against the Canadian dollar, the greenback rose, with USD-CAD at 1.3998, a gain of 0.38 percent for the U.S. currency.

The dollar was nearly flat versus the Swiss franc, with USD-CHF at 0.8285, up 0.07 percent.

Wednesday's moves left the dollar lower against the euro, sterling and the Australian dollar, while holding a slight edge over the yen, Canadian dollar and Swiss franc — a pattern analysts described as a touch of broad softness in the greenback, with the yen bucking the trend.

Divisions on Global Stock Markets Wednesday as Asian Tech Surges, European Benchmarks Inch Higher

World stock markets closed mostly higher Wednesday, with a powerful rally in South Korean and Taiwanese technology shares offsetting losses in India and Israel, while European benchmarks posted modest gains.

In Canada, the S&P/TSX Composite index rose 93.60 points, or 0.26 percent, to 36,265.09 on volume of 244.857M. The index traded between 36,097.97 and 36,324.99 on the day, and has ranged from 29,530.90 to 37,069.1 over the past year.

The FTSE 100 in London closed at 10,694.50, up 7.96 points or 0.07 percent, trading between a low of 10,643.25 and a high of 10,722.77 on the day. The index has ranged from 9,423.90 to 10,989.50 over the past year.

Germany's DAX P added 113.25 points, or 0.44 percent, to finish at 25,704.02, within a session range of 25,534.42 to 25,716.83. Its 52-week range stands at 21,863.81 to 26,618.74.

The CAC 40 in Paris was essentially flat, slipping 0.18 points, or 0.00 percent, to 7,886.96, after trading between 7,870.75 and 7,918.74. The index's yearly range is 7,505.27 to 8,755.03.

The EURO STOXX 50 I rose 3.12 points, or 0.05 percent, to 6,167.81, having moved between 6,140.57 and 6,181.34. Its 52-week low and high stand at 5,376.81 and 6,577.20.

The Euronext 100 Index gained 4.27 points, or 0.23 percent, to close at 1,875.67, within a range of 1,868.12 to 1,880.46. The index has traded between 1,658.14 and 1,984.60 over the year.

Belgium's BEL 20 added 13.68 points, or 0.24 percent, to end at 5,815.63, after ranging from 5,793.18 to 5,834.46. Its annual range is 4,774.82 to 5,905.83.

In Asia, the Hong Kong HANG SENG INDEX rose 53.51 points, or 0.23 percent, to 23,094.83, trading between 23,023.04 and 23,157.40. The index's 52-week range is 22,518.00 to 28,056.10.

On the Chinese mainland, the SSE Composite Index gained 33.17 points, or 0.91 percent, to 3,681.47 on volume of 412.61M, after trading between 3,652.37 and 3,684.49. The index has ranged from 3,574.27 to 4,258.86 over the past year.

In Japan, the Nikkei 225 rose 685.82 points, or 1.08 percent, to 63,954.19, within a session range of 63,660.30 to 64,308.71. Its 52-week range stands at 48,235.30 to 72,831.73.

Singapore's STI Index edged up 0.88 points, or 0.02 percent, to 5,397.91, within a range of 5,382.96 to 5,425.37. It has ranged from 4,372.64 to 5,828.50 over the past year.

In Australia, the S&P/ASX 200 slipped 2.80 points, or 0.03 percent, to 8,847.30, after trading between 8,846.70 and 8,937.00. Its yearly range is 8,262.40 to 9,296.70. The broader ALL ORDINARIES index gained 2.60 points, or 0.03 percent, to 8,971.40, within a range of 8,968.80 to 9,060.20. It has traded between 8,454.90 and 9,474.80 over the year.

In New Zealand, the S&P/NZX 50 INDEX GROSS gained 11.06 points, or 0.08 percent, to 13,691.33, after trading between 13,547.13 and 13,745.66. Its 52-week range is 12,689.78 to 14,069.22.

India's S&P BSE SENSEX fell 352.64 points, or 0.48 percent, to 73,246.03, after ranging from 72,603.57 to 73,525.44. The index's 52-week range is 71,292.88 to 86,159.02.

Indonesia's IDX COMPOSITE added 16.18 points, or 0.31 percent, to 5,282.31, trading between 5,167.34 and its closing level of 5,282.31. Its yearly range is 4,907.37 to 9,174.47.

In Malaysia, the FTSE Bursa Malaysia KLCI rose 2.02 points, or 0.13 percent, to 1,613.87, within a range of 1,609.44 to 1,615.87. The index has ranged from 1,592.57 to 1,771.25 over the year.

South Korea's KOSPI Composite Index was the standout performer, surging 374.10 points, or 6.63 percent, to 6,012.44 on volume of 237,337. The index traded between 5,745.51 and 6,032.28, and has ranged from 3,833.35 to 9,385.59 over the past year.

Taiwan's TSEC CAPITALIZATION WEIGHTED ST jumped 939.35 points, or 2.04 percent, to 47,035.58, within a range of 46,402.79 to 47,060.46. Its yearly range is 26,395.98 to 49,968.92.

In the Middle East, Israel's TA-125 fell 101.04 points, or 2.46 percent, to 4,007.01, after trading between 3,960.73 and 4,067.21. The index has ranged from 3,292.29 to 4,588.51 over the year.

In Egypt, the EGX 30 Price Return Index dropped 823.60 points, or 1.64 percent, to 49,281.20 on volume of 175.114M, with the session range reported as 49,281.20 to 50,330.10.

In South Africa, the Top 40 USD Net TRI Index declined 32.34 points, or 0.49 percent, to 6,548.37, within a range of 6,529.56 to 6,606.65. Its 52-week range is 6,105.70 to 8,184.71.

Analysts pointed to the outsized gains in Seoul and Taipei as the day's dominant theme, with the KOSPI's 6.63 percent advance far outpacing other major benchmarks.

(This report incorporates quotes retrieved with the assistance of artificial intelligence).

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