Stocks rip higher into the close after Fed stands pat on rates

U.S. stocks on Wednesday surged into the close, finishing near the highs of the day, following the Federal Reserve's decision not to increase benchmark interest rates from ultralow levels. The policy-setting Federal Open Market Committee, in its updated policy statement said the central bank was seeking further evidence of sustained economic strength. A rally in crude-oil prices also helped the broader market extend gains. The Dow Jones Industrial Average jumped 163 points, or 0.9%, to close at 18,293, the S&P 500 index finished up 23 points, or 1.1%, at 2,163. Meanwhile, the Nasdaq Composite Index ended up 55 points, or 1%, at 5,295.18--marking a new record for the tech-heavy index, surpassing its close of 5283.93 hit Wednesday, Sept. 7. The Fed's decision to keep rates lower weighed on the dollar, with the U.S. ICE Dollar Index falling 0.5% at 95.5470. Earlier in the session, equity markets were heartened by additional, radical steps by the Bank of Japan to deliver a jolt to its flagging economy by maintaining the yield of 10-year Japanese bonds at zero. Lower rates have been supportive of stocks climbing, keeping keeping borrowing costs down. During a news conference on Wednesday after the release of its policy statement, Fed Chairwoman Janet Yellen said the FOMC's decision to keep rates on hold wasn't because the Fed saw signs of weakness in the economy.

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