NEW YORK, New York - U.S. stocks rose Wednesday despite the U.S. Federal Reserve signalling a potential slowdown in the U.S. economy, and a temporary spike higher in inflation. The central bank held official interest rates steady but indicated there could be two rate cuts later in the year.

"Recent indicators suggest that economic activity has continued to expand at a solid pace. The unemployment rate has stabilized at a low level in recent months, and labor market conditions remain solid. Inflation remains somewhat elevated," the Fed's FOMC said in a statement Wednesday, following its regular month meeting.

"The Committee seeks to achieve maximum employment and inflation at the rate of two percent over the longer run. Uncertainty around the economic outlook has increased. The Committee is attentive to the risks to both sides of its dual mandate," the statement said.

Following are the closing quotes on Wednesday for the key U.S. indices:

• S&P 500: Advanced by 60.63 points, or 1.08 percent, closing at 5,675.29.​

• Dow Jones Industrial Average: Increased by 383.32 points, or 0.92 percent, ending at 41,964.63.​

• NASDAQ Composite: Rose by 246.67 points, or 1.41 percent, to finish at 17,750.79

The Federal Reserve's announcement played a pivotal role in boosting investor confidence, leading to broad-based gains across various sectors. ​

In summary, the Federal Reserve's decision to keep interest rates steady, coupled with indications of possible rate cuts later in the year, contributed to a positive trading session on Wednesday, with major indices reflecting substantial gains.​

Only minor movements on foreign exchange markets after Fed leaves interest rates unchanged

The U.S. dollar moved sideways on Wednesday with minimal moves in either direction against most major currencies.

Federal Reserve's Decision:

The U.S. Federal Reserve maintained its key interest rate but signaled potential rate cuts totaling half a percentage point by year's end. This dovish stance impacted the U.S. dollar's performance against various currencies. ​

Currency Movements:

• EUR/USD (Euro/US Dollar): The euro declined by 0.45 percent against the U.S. dollar, with the pair trading at 1.0894.​

• USD/JPY (US Dollar/Japanese Yen): The dollar weakened by 0.23 percent versus the yen, closing at 148.92.​

• USD/CAD (US Dollar/Canadian Dollar): The greenback appreciated by 0.22 percent against the Canadian dollar, reaching 1.4323.​

• GBP/USD (British Pound/US Dollar): Sterling saw a slight decrease of 0.05 percent against the dollar, ending at 1.2993.​

• USD/CHF (US Dollar/Swiss Franc): The U.S. dollar strengthened by 0.28 percent against the Swiss franc, trading at 0.8783.​

• AUD/USD (Australian Dollar/US Dollar): The Australian dollar fell by 0.17 percent versus the U.S. dollar, closing at 0.6349.​

• NZD/USD (New Zealand Dollar/US Dollar): The kiwi declined by 0.23 percent against the U.S. dollar, ending at 0.5805.

​Global stock markets were mixed on Wednesday with UK bourses little changed, France moving higher, and Germany notching up declines. Asian stock markets were largely lower. Followjng  are Wednesday's closing quotes for key World markets indices:

Canadian Market:

• S&P/TSX Composite Index: Climbed 363.14 points, or 1.47 percent, closing at 25,069.21.

UK and European Markets:

• The FTSE 100 in the United Kingdom edged up by 1.43 points, or 0.02 percent, closing at 8,706.66.​

• Germany's DAX index declined by 92.64 points, or 0.40 percent, ending at 23,288.06.​

• France's CAC 40 rose by 56.90 points, or 0.70 percent, to finish at 8,171.47.​

• The EURO STOXX 50 increased by 22.35 points, or 0.41 percent, closing at 5,507.36.​

• The Euronext 100 Index advanced by 11.12 points, or 0.69 percent, ending at 1,617.06.​

• Belgium's BEL 20 saw a slight decrease of 0.67 points, or 0.01 percent, closing at 4,499.43.​

Asian and Pacific Markets:

• Hong Kong's Hang Seng Index gained 30.57 points, or 0.12 percent, to close at 24,771.14.​

• Singapore's STI Index rose by 13.34 points, or 0.34 percent, ending at 3,908.31.​

• Australia's S&P/ASX 200 decreased by 32.10 points, or 0.41 percent, closing at 7,828.30.​

• The ALL ORDINARIES index in Australia fell by 34.60 points, or 0.43 percent, ending at 8,055.30.​

• India's S&P BSE SENSEX increased by 147.79 points, or 0.20 percent, closing at 75,449.05.​

• Malaysia's FTSE Bursa Malaysia KLCI declined by 10.15 points, or 0.66 percent, ending at 1,517.66.​

• New Zealand's S&P/NZX 50 Index Gross fell by 30.92 points, or 0.26 percent, closing at 12,045.93.​

• South Korea's KOSPI Composite Index rose by 16.28 points, or 0.62 percent, ending at 2,628.62.​

• Taiwan's TWSE Capitalization Weighted Stock Index dropped by 310.84 points, or 1.40 percent, closing at 21,960.83.​

• Japan's Nikkei 225 decreased by 93.54 points, or 0.25 percent, ending at 37,751.88.​

• China's SSE Composite Index saw a slight decrease of 3.33 points, or 0.10 percent, closing at 3,426.43.​

Middle Eastern and African Markets:

• Egypt's EGX 30 Price Return Index declined by 260.20 points, or 0.82 percent, closing at 31,348.50.​

• China's SSE Composite Index saw a slight decrease of 3.33 points, or 0.10 percent, closing at 3,426.43.​

• The Top 40 USD Net TRI Index in South Africa increased by 57.72 points, or 1.19 percent, ending at 4,904.05.

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