Stock market today: Stocks rally after Fed decision as Powell soothes rate nerves

US stocks were higher on Wednesday as investors digested commentary from the Federal Reserve chair Jerome Powell after the central bank held interest rates steady at its latest policy meeting. The S&P 500 rose about 0.9%, while the Dow Jones Industrial Average and Nasdaq Composite both popped over 1%. Fed officials said in a policy statement Wednesday, “In recent months, there has been a lack of further progress towards the committee’s 2% inflation objective.

" Elsewhere in markets, disappointing results from chipmaker AMD and server maker Super Micro Computer took the shine off hopes for an AI-fueled boost to the sector. AMD shares sank nearly 10% while Super Micro fell more than 16%. The news weighed more broadly on chipmakers like Nvidia , which dropped as much as 5%. Read more: What the Fed rate decision means for bank accounts, CDs, loans, and credit cards Meanwhile, earnings season rolls on.

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