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Markets Right Now: US stocks gain as Fed stays put on rates

Posted 4:09 p.m. Wednesday
Updated 4:10 p.m. Wednesday

— The latest on developments in global financial markets (all times local):

4:00 p.m.

Stocks closed solidly higher after the Federal Reserve held off on raising interest rates.

The Fed said Wednesday the case for raising rates from their historic lows had strengthened, but said it wanted to see more improvements in the job market.

High-dividend stocks such as utilities and phone companies rose more than the rest of the market as traders looked for alternative to bonds for income. Duke Energy jumped 2.2 percent and AT&T gained 1.5 percent.

The Dow Jones industrial average gained 163 points, or 0.9 percent, to 18,293.

The Standard & Poor's 500 index rose 23 points, or 1.1 percent, to 2,163. The Nasdaq composite climbed 53 points, or 1 percent, to 5,295.

Bond prices rose. The yield on the 10-year Treasury note fell to 1.66 percent.

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11:45 a.m.

Stocks are moving higher on Wall Street, led by gains in energy and materials companies.

Crude oil prices rose 2.5 percent in midday Wednesday, sending energy stocks higher. Marathon Oil jumped 4 percent.

FedEx and Adobe each rose 6 percent after reporting earnings that came in ahead of expectations.

Later Wednesday the Federal Reserve will release its latest decision on interest rates.

The Dow Jones industrial average gained 49 points, or 0.3 percent, to 18,177.

The Standard & Poor's 500 index gained 6 points, or 0.3 percent, to 2,145. The Nasdaq composite climbed 6 points, or 0.1 percent, to 5,247.

Bond prices fell. The yield on the 10-year Treasury note rose to 1.70 percent.

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9:35 a.m.

Stocks are opening higher on Wall Street, led by gains in energy and materials companies.

Crude oil prices rose 2 percent early Wednesday, sending energy stocks higher.

FedEx and Adobe each jumped 6 percent after reporting earnings that came in ahead of expectations.

Later Wednesday the Federal Reserve will release its latest decision on interest rates.

The Dow Jones industrial average rose 85 points, or 0.5 percent, to 18,215.

The Standard & Poor's 500 index gained 10 points, or 0.5 percent, to 2,149. The Nasdaq composite climbed 25 points, or 0.5 percent, to 5,267.

Bond prices fell. The yield on the 10-year Treasury note rose to 1.70 percent.

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